Unexpectedly, the WTI crude oil prices continue to trade with a bearish momentum despite the US sanctions against Iran’s fuel exports. US President Donald Trump announced he wants to inflict sanctions on Iran’s oil gradually, indicating concerns about shaking energy markets and causing global price spikes.

At this stage, the United States has granted some exemptions to Iran. They will temporarily let eight importers keep buying Iranian oil. Therefore, the market is reversing the impact of potential sanctions which were already priced in.

Looking at the technical side, crude oil is facing a solid resistance near $64. The 20 periods MA is blocking its way to the upside. While the support remains at $62.50. The violation of $64 can lead oil prices towards $64.85 and $65.50 Whereas, the market can remain bearish below $62.

Good luck!