Snapshot: WTI crude is trading softer after yesterday’s rally, pressured by renewed hopes of a US-Iran agreement which could ease supply concerns. Focus shifts to the 10:00 ET Revised UoM Consumer Sentiment release, which could influence risk appetite.
- Watch for a break below $95.00 which would open a retest of weekly lows.
- Risk: Any headlines suggesting a breakdown in US-Iran talks could provide support, though positioning does not show extreme short interest.
Bias into NY: Bearish. Expect continued profit-taking in US Crude, with the dollar strength weighing and optimism around US-Iran talks persisting, targeting a move towards $94.50.