Iran waffles on production limits, may be willing to engage in a small increase. Shortside declines on potential production boosts get capped by US domestic demand continuing to rise. Oil is grinding higher, with WTI crude prices testing into the 65.50 level after a bumpy ride on Wednesday that ultimately sees crude on the rise as Iran loosens its previous position, open to the possibility of production increases being pushed by Saudi Arabia and Russia. The possibility of an OPEC production limit increase is moving back towards reality after Iran conceded the possibility of allowing OPEC production limits to move higher today. Saudi Arabia has joined with Russia and are looking to lift oil production caps that went into place to prevent a further slide of oil prices as a supply overhang from the US threatened global oil markets. Demand appears to have finally caught up with supply, and now key players in the oil markets are looking to allow some more slack back into the markets, though Iran had previously joined up with Iraw and Venezuela saying they will not back the limit lifts. The possibility of production increases had little bearish effect on oil prices thanks to another reduction in US crude stocks, which shows that the US’ internal demand is continuing to eat away at clogged supply lines for crude products. WTI levels to watch Wednesday’s action whipped new near-term barriers on either side of the bids today, with yesterday’s high making a new barrier at 66.25 and the day’s low marking out a lowside boundary at 64.70; continued bullish action will see further resistance at the key 67.00 handle near last week’s high, while resumed selling will quickly run into the week’s low at 63.35. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next BoJ’s Funo: Downside risk to medium to long-term inflation expectations large FX Street 5 years Iran waffles on production limits, may be willing to engage in a small increase. Shortside declines on potential production boosts get capped by US domestic demand continuing to rise. Oil is grinding higher, with WTI crude prices testing into the 65.50 level after a bumpy ride on Wednesday that ultimately sees crude on the rise as Iran loosens its previous position, open to the possibility of production increases being pushed by Saudi Arabia and Russia. The possibility of an OPEC production limit increase is moving back towards reality after Iran conceded the possibility of allowing OPEC production limits to move… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.