Crude Oil WTI was trading 0.39% up at $70.32.
Iran plans to restore the bulk of its Crude Oil production within one month of the easing of U.S. sanctions if world powers manage to broker the revival of the 2015 nuclear deal, the official Shana news agency reported, quoting an official at the National Iranian Oil Co.
Three different scenarios have been planned to return Iran’s oil production to pre-sanctions levels, with the first aimed at raising output to 3.3 million barrels a day within a month, followed by an increase in production capacity to more than 4 million barrels a day, Farokh Alikhani, the NIOC’s deputy for production said, according to Shana.
“If sanctions are lifted, the bulk of Iran’s output will be restored within one month, with full output restoration happening within three months,” Alikhani said.
On the technical front, Crude Oil WTI, RSI stood at 68.715, the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Crude Oil WTI– Buy: 70.30, TARGET:- 80.30, STOP LOSS:- 65.30.