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Oil prices are on the move lower after traders digested a higher-than-expected US inventory build. Moreover, Iran-EU nuclear talks are set to restart, which may eventually see US sanctions removed.
Oil maintains a medium-term bullish outlook, but its overbought condition and price's proximity to key technical resistance may pave the way for a brief pullback before the next leg higher.
Crude oil is breaking into fresh seven-year highs as supply continues to tighten amid rising demand. Bulls are in firm control with their sights set higher.
Oil prices are pulling back slightly in APAC trading after API data showed a build in US inventory. Energy traders have EIA data in focus as fundamentals remain broadly supportive.
Oil prices surged more than 5% to seven year highs with the breakout marking a seventh-weekly rally in crude. The levels that matter on the WTI weekly technical chart.