Crude oil in the spotlight as the third round of US-Iran nuclear talks begins in Geneva

Market Overview

Crude oil prices have stabilized after last week's sharp surge, with focus now on the US-Iran nuclear talks. Currently, the prospects of reaching an agreement appear slim, as the US has significantly increased its military presence in the Middle East. Reports indicate that Saudi Arabia has a contingency plan for oil production increases if US strikes disrupt supplies.

Technical Analysis

On the daily chart, oil is stabilizing around the $66.43 resistance level, where sellers are expected to continue pushing prices lower towards the support at $62.36. Conversely, buyers are eyeing a break above $66.43 to target a move towards $70.50. In the 4-hour timeframe, there is support at $64.14 where dip-buyers may enter.

Upcoming Catalysts

The outcome of the ongoing negotiations could have significant implications for price movements, but the existing geopolitical tensions are expected to keep the market supported for now.