Greek deal is certainly a good news for the oil traders, as this represents a potential growth opportunity and the demand equation could see some boost on the back of this. Germany, which is the economic engine of Euro zone, has been badly impacted over the course of 6 months and now that is all over-at least for now, it should be plain sailing for its growth and this could bring more demand for oil.
However, what is also due today is the OPEC countries oil market report and traders are keeping a close eye on this that how much its members are pumping and if they are respecting each other’s limit. Saudi Arabia is clearly taking the lead in violating these limits and pumping more oil which is upsetting other members.
Moreover, Iran nuclear deal negotiations are also keeping the traders on their toes, because the country is ready to pump oil, soon it has reached the deal.
The below chart shows that Crude oil is trading sharpy below its downward trend line and this confirms the downward bias. However, if we do break this trend line, the next resistance will be the 50 and 100 day moving averages (shown in yellow and red respectively).
Shown in chart