FxWirePro: US Oil retreats from weekly highs near $ 70.41 on easing US-Iran tensions, focus on API inventory data

• WTI oil price losing sight of $ 70 mark, slips lower to trade 0.43% lower on the day at 69.75.
   
• Easing US-Iran geopolitical tensions, after Trump agreed to meet Iran’s President Rouhani without any preconditions weighed on prices.
   
• Further, news of rising OPEC output and a broadly firmer US dollar added to the pressure.
   
• Focus now on US API crude inventory report. Expectations for another draw in the US weekly crude stockpiles could cap downside.
   
• Price action holds above daily cloud and 21-EMA at 69.66. Technical indicators are slighty bullish.
   
• Breakout at 21-EMA could see further upside, while on the other side, retrace below 55-EMA could drag the pair lower.

Support levels - 69.66 (21-EMA), 69.49 (5-DMA), 69.09 (55-EMA)

Resistance levels - 70, 70.41 (July 30 high), 71

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -68.3188 (Neutral) at 1015 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.