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  • Rebounds sharply on Saudi headlines, risk-recovery.
  • Will it regain $ 70 mark? Focus
  • on API crude stockpiles data for fresh impetus.

WTI (oil futures on NYMEX) reversed the Asian drop and rallied hard in the European session following the headlines that cited Saudi Arabia is said to be comfortable with Brent prices above $ 80/ barrel.

Moreover, the latest comments from an adviser to the Iranian Energy Minister also added legs to the renewed upside in the barrel of WTI.

Hosseini Sadr, an adviser to Iran’s Oil Ministry, noted: “Considering the high demand and low supply in the market, America’s sanctions cannot drop Iran’s oil sale to zero … Other oil producers cannot replace Iran’s oil.”

The black gold, further, derived support from a recovery in risk appetite, which lifted the demand for the higher-yielding oil. Markets look past the US tariffs announcement and turn their attention towards the US weekly crude supplies data due to be published by the API later on Tuesday.  

WTI Technical Levels

Resistances: $ 69.91 (Sept 14 high), $ 70.50 (psychological level), $ 71.26 (Sept 12 high).

Supports: $ 69.05 (20-DMA), $ 68.80 (5-DMA), $ 68.36 (Sept 13 low).

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