- France willing to amend the Iranian deal with the US.
- Oil traders are relieved that the Iranian deal issue is getting fixed before May 12.
The crude oil WTI benchmark is trading at around $68.20 per barrel down 1.07% on Tuesday as it has been reported that the US and France are willing to reach an agreement to keep the Iranian deal on the table.
"We understand each other, and we'll see how that comes out. We could have at least an agreement among ourselves fairly quickly. I think we're fairly close to understanding each other, and I think our meeting, our one-on-one went very, very well," said President Donald Trump.
The Iranian deal is an agreement which was reached in 2015 between Iran and six other countries that put limits on Iran's nuclear program in exchange for sanctions relief.
Trump is known to strongly disagree with the current terms of the deal and was ready to withdraw from the deal if France, the UK and Germany were not willing to toughen the terms of the deal.
Traders were worried that the Iranian deal issue would not be solved before May 12, but the positive news that France is discussing with the US makes oil traders less anxious about supply disruptions with Iran.
Crude oil technical outlook.
Support is seen at 67.30 demand level and 65.42 swing low. Resistance is seen at 68.50 supply level and at 69.56 high of the year.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.