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WTI oil is moving higher as the U.S. has recently imposed new Iran-related sanctions, targeting an independent refinery in China and vessels that were used to transport oil.
If WTI oil settles above the $68.00 level, it will move towards the $70.00 level. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.
Brent oil is trying to settle above the resistance at $71.00 – $71.50 as traders focus on Iran-related sanctions.
In case this attempt is successful, Brent oil will move towards the 50 MA at $74.98.
