Oil Recovers Above $90 Amid Lack of Progress in US-Iran Diplomacy

Oil prices have rebounded above $90 per barrel after falling 17% from cycle highs, as diplomatic talks between the U.S. and Iran showed no concrete signs of progress.

The two sides remain divided over how to bring an end to the war, with Iran's president stating that Tehran would never surrender to U.S. pressure.

Data showed a 3 million-barrel increase in U.S. crude inventories last week, defying expectations of a drawdown.

The recovery in oil was driven by geopolitical developments and nerves over reports of a potential ban on U.S. diesel exports.

Oil forecast technical analysis suggests that WTI holds a constructive near-term bullish bias, with initial resistance at $95 per barrel and support at the 50 EMA around $89.