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  • Crude oil prices remain sidelined this week at/around the $70.00 area.
  • Attention shifted to fresh US-Iran effervescence on oil exports.
  • API, EIA weekly reports coming up later today and tomorrow.

Prices of the barrel of the American benchmark for the sweet light crude oil are prolonging the consolidative theme prevailing in the last sessions.

WTI now looks to Iran, US supplies

Prices of the West Texas Intermediate are in a consolidative-mode during the first half of the week, navigating the vicinity of the critical $70.00 mark and somewhat showing some complacency despite the recent comments from both President Trump and Iran’s Rouhani.

Both the barrel of Brent crude and the WTI remained apathetic amidst Iranian threats to close the Strait of Hormuz, comments by Rouhani and Trump’s reply via Twitter.

Later in the day the American Petroleum Institute (API) will publish the weekly report on US crude oil stockpiles ahead of tomorrow’s report by the DoE and the US oil rig count by driller Baker Hughes on Friday.

WTI significant levels

At the moment the barrel of WTI is up 0.65% at $69.48 facing the next hurdle at $70.56 (high Jul.23) followed by $71.59 (21-day sma) and then $72.80 (high May 22). On the breakdown, a breach of $67.59 (100-day sma) would aim for 67.08 (low Jul.18) and finally $63.59 (low Jun.19).