Brent Oil
Brent oil has also moved away from recent highs as geopolitical risk premium declined.
A successful test of the support at $75.00 – $75.50 will push Brent oil towards the next support level at $71.00 – $71.50.
WTI Oil
WTI oil pulled back as U.S. introduced additonal Iran-related sanctions. Markets view this move as a sign that U.S. prefers to use diplomatic methods in its relations with Iran.
The technical picture remains unchanged as WTI oil is stuck in a wide range between the support at $71.50 – $72.00 and resistance at $77.00 – $77.50.
