Over the past 48 hours, WTI crude oil prices have continued to show volatility, closing yesterday at $65.76, marking a slight recovery compared to previous days. The key driver for the market was the extension of nuclear talks between the US and Iran, which eased geopolitical tensions and initially pushed prices lower. However, uncertainty over OPEC+ output decisions later provided support, causing prices to rebound.

Latest market news highlights a tug-of-war scenario in the oil market: on one side, the ongoing US-Iran negotiations reduce fears of potential conflict, leading to some selling pressure on oil; on the other, OPEC+ production policy remains a focal point with prices oscillating between $64 and $67, indicating an $8 to $10 risk premium embedded in the market. This dynamic resembles a strategic battle between policy factors and supply-demand forces directly influencing WTI price movements.

For the average investor, it’s much like trading an unpredictable commodity influenced by geopolitical talks and decisions of major producers. When talks ease tensions, prices tend to dip; yet as long as production controls remain uncertain, prices stay highly sensitive, continuing to move up and down. Staying closely attuned to news developments is key to understanding oil market shifts and avoiding sudden losses amid this volatility.

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Resistance & Support

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