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  • Oil takes-out 66 handle as US ends sanction waivers for Iran’s importers.
  • Saudi Arabia welcomes US move to end all Iran sanction waivers
  • Bulls await US weekly API crude stockpiles data for next direction.

WTI (oil futures on NYMEX) built on Monday’s rally and went on to clinch fresh six-month tops at 66.19 this Tuesday, as the bulls continue to cheer further tightening of the global markets after the US announced on Monday that it ended the sanctions waivers it granted to any country that is currently importing Iranian crude or condensate.

The sentiment was further bolstered after Saudi Arabia welcomed the US decision to call off the sanction waivers. Meanwhile, mounting tensions between the US and Iran over the sanctions also remain oil-supportive.

From a broader perspective, the black gold continues to derive support from ongoing OPEC+ cuts, the recent surprise drawdown in the US crude stockpiles and improving US economic prospects.

Markets now look forward to the US weekly crude stockpiles data due to be published by the American Petroleum Institute (API) later today at 2030 GMT for fresh trading impetus.

WTI Technical Levels