⭐️Crude oil continues to eye a new high going into Tuesday’s trading session as markets ponder the direction for the US Dollar ahead of US CPI on Wednesday.
⭐️The WTI futures contract is back above US$ 87.50 bbl while the Brent contract is near US$ 91 bbl.
⭐️There are reports emerging today that the US will waive sanctions against Iran which will pave the way for the release of up to US$ 6 billion of oil revenue in exchange for the release of 5 American citizens.
⭐️If talks continue to positively progress between the countries, it might lead to more supply potentially entering global trade.
⭐️The 10-month peak seen yesterday is within grasp ahead of the American Petroleum Institute (API) report due today. Further depletion of stockpiles may see an uptick in volatility