- US has rejected all the additional conditions requested by Iran
- urged Iran to lift any restrictions on international inspections
- IRan should not be allowed to enrich uranium beyond purity level of 4%
The following is as per Iran press.
The price of crude oil has spiked back toward the high for the day. That right came in at $95.30. The high price just spiked to $95.15 before rotating back down. The current price traded $94.84. The high price tested the August 11 high which came in at $95.04.
A move above the $95.04 and $95.30 levels would open the door for a move toward $96.55 which is near swing highs from August 2 and August 3.
Taking a broader look at the crude oil hourly chart below, the contract has been in a wide $85.76 on the downside and $96.55 on the topside range.
Admittedly, that represents an area of around 12%, but the contract has visited the extremes of that area on a number of occasions since early August. A break outside should see further momentum in the direction of the break.
