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Bulls choke at $70/bbl

Crude futures made a push for $70/bbl on Tuesday, May 18, but the Brent price pulled back from that level as the session was winding down.  By the close, Brent dipped 1.4% to $68.31, while WTI slipped 1.6% to $65.27/bbl.

Even though Brent rose to $69.9/bbl in London ICE intraday trading, flirting with the $70 mark, the commodity failed to hold that level after the media wired that important news on Iran’s nuclear deal could be announced over the next few days. As a result, the market was spooked by rumors that Iranian oil could return to the market if the US sanctions are lifted.

In addition, the Iranian National Oil Company said that Iran intends to export the first shipment of oil in June from an offshore terminal in the Oman Sea, and the news of increased exports from Iran also triggered market jitters.

Pessimism has set in this morning as oil prices extend losses, with Brent down 1%, slipping below $68/bbl, and WTI off 1.03% after failing to hold at $65/bbl. Our Brent price forecast for today is in the range of $67.3-68.1/bbl.

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