Oil prices are getting squeezed as all eyes will be on the Trump - Putin meeting regarding the energy markets as WTI price is hovering just below the $70.50 level. Trump has been vocal about his dissatisfaction over oil prices recently, tweeting at OPEC to "do something" about oil prices, which began moving higher shortly after news that the Trump administration is seeking to get Iran locked out of global oil markets. On the other hand, barrel costs is still managing to decline for the second week as traders are keeping eye on a potential increase in supply from OPEC and Russia.
Technically, the price has shortly broke above the $71.50 level but was quickly denied by market sellers to come back below the $70.50 level. The next level we will be focusing on is the $69.30 support level further supported by a decline in momentum.
Support: 69.30 67.98
Resistance: 70.80 72.22