WTI has made an additional high during the North American session and pierced the 69.60 resistance level as expected but failed to stay above it, returning to the 69.30 level. The main catalyst for this surge in prices is the Iran - US factor. Iran's oil exports may fall by as much as two-thirds this year because of the US move and ultimately blocking more than 1 million barrels a day of Iran’s roughly 2.5 m/b Crude exports.
As expected Crude picked up some momentum yesterday and reached the $69.70 level that we were focusing on, and managed to stay above the $69 figure to find a strong momentum again and this time retest the $70 major level.
Support: 67.64 67.02
Resistance: 68.64 69.15