30 Mar 2015
WTI slumps over 1.5% on Iran nuclear deal
FXStreet (Mumbai) - WTI oil futures on the Nymex started the week on a bearish note, extending losses for the second straight session on worries that a deal over Iran's nuclear program could flood the oil market amid a global oversupply.
WTI hovers around USD 48
Currently, WTI trades nearly -1.80% lower at 48/ barrel, reaching a new three day low at 47.85 levels some minutes ago. Crude prices fell further in to losses after news that world leaders and Iran are trying to clinch a deal over the country's nuclear program, which could further worsen the supply glut with an already oversupplied market.
"Market participants refocused on the Tuesday deadline for Iranian nuclear negotiations. Any relaxation of Iran oil sanctions could see increased exports adding to swelling global supplies and further pressuring prices," ANZ analysts noted.
Further, the US dollar index was trading higher by 0.21% this morning, standing at 97.82, which also weighed on crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 49 levels above which gains could be extended to 49.46 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 46.67 levels.
WTI hovers around USD 48
Currently, WTI trades nearly -1.80% lower at 48/ barrel, reaching a new three day low at 47.85 levels some minutes ago. Crude prices fell further in to losses after news that world leaders and Iran are trying to clinch a deal over the country's nuclear program, which could further worsen the supply glut with an already oversupplied market.
"Market participants refocused on the Tuesday deadline for Iranian nuclear negotiations. Any relaxation of Iran oil sanctions could see increased exports adding to swelling global supplies and further pressuring prices," ANZ analysts noted.
Further, the US dollar index was trading higher by 0.21% this morning, standing at 97.82, which also weighed on crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 49 levels above which gains could be extended to 49.46 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 46.67 levels.