CL New York Crude Oil – Market Cautiously Watching US-Iran Talks, Oil Prices Fluctuate

The rise in US June crude oil futures was capped as the market anticipated US-Iran peace talks to begin this week, with more crude oil expected to flow into the market from key oil-producing regions. A senior Iranian official stated that Iran is considering participating in peace talks in Pakistan. The blockade measures are the main obstacle to Tehran's return to negotiations, and the current two-week ceasefire agreement expires this week. Iranian Foreign Minister Araqchi stated that the US's "continued violations of the ceasefire agreement" are a factor hindering further negotiations. Speaker Ghalibaf reiterated that Iran will not negotiate under threats.

Technical charts show that New York crude oil futures for the near month are generally fluctuating within a range, with the $100 level as a major reference point on the upside, and significant support at $80-$84 on the downside. Near-term support is expected at $85.50 and $84.70, with stronger support estimated at $84 and $80, and further support at $78. Upward resistance will initially be at $86.90 and $89.60, with the next levels at 92 and 95.60. The key levels to watch are $97 and $100.

Forecasted range:
Resistance: 86.90 – 89.60 – 92.00 – 95.60 – 97.00 – 100.00*
Support: 85.50 – 84.70 – 84.00 – 80.00 – 78.00

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