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WTI rises to $63.70, up 0.39% intraday, amid Monday’s Asian session. The risk-on mood, backed by hopes of further stimulus, join the consolidation of last Friday’s heavy losses to keep the buyers hopeful. Also contributing to the commodity’s run-up could be geopolitical headlines concerning North Korea, China and Iran. It should, however, be noted that Russia’s increase of oil supplies seems to test the commodity buyers but fails of late.
National Security Adviser Jake Sullivan said on ABC’s 'This Week' on Sunday that the short answer is there is no deal now. As per Bloomberg, US officials said a deal to revive a nuclear accord with Iran and ease sanctions isn’t imminent and separately denied an Iranian report on an impending prisoner swap.
On the same side, North Korea terms US President Joe Biden’s policies as hostile and vows to retaliation. Further, US Secretary of State Antony Blinken said, “Our purpose is not to contain China, to hold it back, to keep it down. It is to uphold this rules-based order that China is posing a challenge to.”
Read: The weekend macro highlights do little for the open
While the aforementioned headlines challenge oil supplies and back WTI buyers, Bloomberg’s news conveying Russia’s oil output in April test the bulls. Also on the positive side could be US Treasury Secretary Janet Yellen’s suggestion to back President Biden’s stimulus plans.
Amid these plays, S&P 500 Futures rise 0.33% but an off in China and Japan restrict market moves elsewhere.
Given the light calendar and holidays in the key markets, oil prices may remain lackluster and can carry the latest gradual recoveries ahead of the US PMI figures for April.
Read: US Purchasing Managers’ Index April Manufacturing Preview: Let the good times roll
A monthly rising wedge offers the key levels, namely $62.20 and $65.70, to watch for WTI traders.