WTI crude oil rose 61-cents to $70.91 today and finished the week up 1.8% after a minor stumble on Monday.
Oil is up $10 since May 21. At that time there were headlines indicating an Iran nuclear deal was close. The market as also worried about the early-June OPEC+ decision.
Iran continues to hang in the balance and there will be JCPOA meetings on Saturday. For a month, officials have been calling each meeting the ‘final’ decision but they haven’t been able to push a deal across the finish line.
How much of the last $10 in oil is due to Iran is up for debate. Yesterday when sanctions headlines crossed, there was a quick $1 dip in oil before it rebounded. That turned out to be only sanctions on a single official who had retired. The US characterized that as a move unrelated to talks but I find that to be a stretch.
On the chart, $77 is the 2018 high and a clear resistance line.