Sanctions in play and WTI up $2.21 to $56.15
Reports from Iran suggest leaders will scale back its commitments to the 2015 nuclear deal within hours.
That comes a short time after the US announced a fresh round of sanctions and promises to do more. The aim is to bring Iran oil exports to zero.
Technically, even with the big jump today we're still within the range of the two prior trading sessions. Beyond that, the trend towards consolidation has been ongoing for more than a month with oil locked in a $53-57 range.
That's similar of the 'box' in the S&P 500 and suggests both could break out at the same time and could confirm one another.
