WTI bears seeking a restest of the daily support structure. Oil market’s wild card is making for larger-scale volatility on Tuesday. WTI prices are down some 1.4% at the time of writing albeit well off the lows for the day which were made on news that there could be a significant announcement on the progress on the Iran file. The wild card of the oil market has been with Iran. bulls fear a return to the 2015 deal could allow for the removal of U.S. sanctions on the Persian Gulf country’s crude exports, raising the prospects of more Iranian barrels of supply coming back to the market. On news that there is a possible Iran deal announcement tomorrow, WTI fell out of the sky and dropped to a low of $64.14 from a high of $66.19. The wires are reporting that the heads up came from Russia’s envoy, Mikhail Ulyanov, to the Vienna talks at the United Nations’ International Atomic Energy Agency. On Twitter, the diplomat said “unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration” of the accord. Meanwhile, the energy complex had been bid and shrugging off angst surrounding covid-19 flare-ups in Asia. The demand story for this summer as the global recovery gets underway has been supportive of oil prices. ”Global congestion rates are highlighting sharp rises in mobility across Europe and China, supporting this view,” analysts at TD Securities explained. ”The market also anticipates a sharp rise in demand for travel, with flights tracked during China’s latest Labour day holidays pointing to massive pent-up demand for travel, although the composition of travel has recently highlighted a preference for the automobile.” However, ”ultimately” the analysts argued, ”the massive scale of OPEC’s spare capacity suggests that a break north of $70/bbl is not sustainable.” WTI technical analysis The price is in a major sea of chop between a wide sideways range, or otherwise known as the ”Barroom Brawl Zone”: The price action is random and volatile and breakout traders are looking for the breach of either side of the channel. However, there could be a meanwhile opportunity within the channel on the basis that the price action has left a sizeable wick on the downside in a 50% mean reversion. 15-min chart The opportunity is move evident from a 15-min vantage point perspective. The price is being resisted near a 61.8% Fibo of the 15-min price drop’s range. On breaking the current support, on a restest of the structure, the price would be at a discount and the probabilities will be in the bull’s favour for a downside retest of the daily channel’s support structure. 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 Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. FXStreet News share Read Next EUR/USD settles above 1.2200, focus shifts to EU inflation data FX Street 5 months WTI bears seeking a restest of the daily support structure. Oil market's wild card is making for larger-scale volatility on Tuesday. WTI prices are down some 1.4% at the time of writing albeit well off the lows for the day which were made on news that there could be a significant announcement on the progress on the Iran file. The wild card of the oil market has been with Iran. bulls fear a return to the 2015 deal could allow for the removal of U.S. sanctions on the Persian Gulf country's crude exports, raising the prospects of more Iranian barrels… Top 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.