Crude oil WTI trades higher ahead of Netanyahu's statement on Iran
- Netanyahu will reveal “significant development” on the Iranian deal at 17:00 GMT on Monday.
- Crude oil bounces to $68.30 a barrel on the news and could potentially continue higher after Netanyahu’s statement.
Crude oil West Texas Intermediate (WTI) is trading at about $68.40 a barrel up 0.84% on Monday.
Earlier in the day, Haaretz Israeli news agency reported that Netanyahu might reveal new documents suggesting that Iran "cheated the world regarding its nuclear program." The statement will then follow an emergency meeting of Netanyahu's Security Cabinet.
Netanyahu will detail what he calls "significant development" regarding the Iran nuclear deal on Monday at 17:00 GMT.
May 12 is the deadline for the US President Trump to renew the Iranian deal, however, analysts believe that the odds are slim that the renewal will take place as Trump wants a harsher version of the deal while the other countries involved in the deal want to leave it as it is. Recently French President Macron and German Chancellor Merkel went to Washington in order to discuss the issue with Trump but the odds remain small that Trump changed his mind on the Iranian deal.
WTI Crude oil 4-hour chart
The long-term trend is bullish. Supports are seen at 67.30 and 65.55 demand zone while resistances are seen at 68.30 and 69.00 figure.