Crude oil prices are quickly giving away earlier gains, with the barrel of West Texas Intermediate now slipping back to the $32.00 neighbourhood. WTI reverts upside after Iran After yesterday’s rally to the boundaries of the $34.00 mark, the barrel of WTI is now rapidly retreating nearly $2 after Iran deemed the recent proposal of freezing oil production as ‘ridiculous’. Furthermore, recent comments by Saudi oil minister have utterly ruled out any output cut. Adding to the offered tone, the US dollar is retaining its bullish performance, weighing on the USD-denominated space. WTI levels to consider At the moment the barrel of WTI is losing 4.28% at $31.96 and a break below $30.38 (20-day sma) would open the door to $28.70 (low Feb.16) and then $26.05 (low Feb.11). On the other hand, the next up barrier aligns at $34.82 (high Jan.28) ahead of $35.48 (76.4% Fibo of $38.39-$26.05$) and finally 37.61 (100-day sma). For more information, read our latest forex news.