WTI crude oil futures are up modestly
The French Foreign Minister is saying that pair remains significant differences in the Iranian nuclear deal negotiations. Iranian elections are slowing the negotiations.
A nuclear deal would increase the global supply of oil and presumably be more bearish.
The current price of WTI is up $0.18 or 0.25% $72.30. At 10:30 AM, the DOE will release their weekly inventory data. The private API data near the close yesterday showed a larger than expected drawdown of 8.54M barrels.
Looking at the chart of crude oil, the low price today did move back toward the swing high from Monday at $71.76. It would take a move below that level and the lower trendline to tilt the bias more to the downside. The spite higher earlier in the day did extend above the topside trendline but quickly reversed.
