WTI recovers back to $90.00 level, still down about $1.50 on day amid profit-taking By Frank_Macro Oil WTI
ently recovering back to the north of the $90.00 handle. At current levels, WTI still trades lower by about $1.50 on the session, with traders citing profit-taking ahead of the resumption of indirect US/Iran talks regarding a potential return to the 2015 nuclear pact.
Another factor weighing on oil markets, market analysts said on Tuesday, is modest dialing down of West/Russia tensions following French President Emmanuel Macron’s visit to Moscow on Monday. The French President said his meeting helped prevent further escalation of tensions, though no broader deal to end the Russia/Ukraine crisis was reached .
Ahead, oil traders will be keeping one eye on weekly US oil inventory figures, with the private API numbers out later on Tuesday ahead of the official US government figures on Wednesday. Analysts are estimating that inventories rose by 700K barrels in the week ending last Friday, a week when the US was hit by a strong winter storm.
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