Looking ahead, US fiscal stimulus negotiations may be in focus as officials scramble to get a deal done before Congress departs for a recess at the end of the week. Democrats have put up a proposal costing $3.5 trillion while Republicans countered with a $1 trillion scheme.
ICE Brent Crude
Crude Oil Trades Roughly Flat as Supply Risks offset Rising US Crude Stockpiles
Gold Silver Reports – Brent crude oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.
What Would Happen To USD If Oil Hits $100 A Barrel?
Technical Perspective
The main focus is now on a retest of the year to date high (and 2011 low) around 75.15. Above here and the next technical resistance level will be the 61.8% retracement from 2014 highs around 79.51. To the downside, support is seen along the bullish channel base which, while intact, keeps focus on the further upside.