#oil
Commodities
Crude oil breaks below short-term support. Can sellers keep control?
WTI slips beneath its 100-hour moving average and a swing area, putting $88.77 in focus.
Talk of progress adds pressure to oil
Adam Button posted that the atmosphere surrounding Iran–US talks in New York is becoming more positive, according to Al Jazeera’s Tehran bureau chief, Nourddine Dgheir. The report says the discussions have moved beyond initial diplomatic contacts into a more detailed technical phase. More Iranian officials have traveled to New York, and Qatar continues to mediate. Adam notes that an Axios report carries a similar message.
That is welcome news if it leads to an agreement, but talks are still talks. For oil traders, the possibility of easing tensions can reduce the geopolitical risk premium built into the price. The market’s reaction is worth watching, but progress in negotiations would need to turn into action to have a lasting impact.
Commodities
Crude oil breaks below short-term support. Can sellers keep control?
WTI slips beneath its 100-hour moving average and a swing area, putting $88.77 in focus.
Talk of progress adds pressure to oil
Adam Button posted that the atmosphere surrounding Iran–US talks in New York is becoming more positive, according to Al Jazeera’s Tehran bureau chief, Nourddine Dgheir. The report says the discussions have moved beyond initial diplomatic contacts into a more detailed technical phase. More Iranian officials have traveled to New York, and Qatar continues to mediate. Adam notes that an Axios report carries a similar message.
That is welcome news if it leads to an agreement, but talks are still talks. For oil traders, the possibility of easing tensions can reduce the geopolitical risk premium built into the price. The market’s reaction is worth watching, but progress in negotiations would need to turn into action to have a lasting impact.
