Oil Traders’ Daily Playbook | London Open – KyriWealth

Oil has finally exhaled, with WTI back near $60 and Brent around $64 after the Iran scare cooled.
Today’s London session is about whether this is just a clean reset in the range or the start of something heavier.

Macro – why oil’s dropped and what matters now

Crude has flipped from fear to rethink mode. After a strong run on Iran risk, WTI is now sitting just under $60, Brent in the mid-$60s, both a few percent off recent highs. The shift came from politics first: the tone around Iran turned less explosive, so some of the war premium was stripped out of the strip.

On top of that, the latest US crude report showed a decent build where traders were looking for a draw, reminding everyone that barrels are still around.

Add in ongoing flows from places like Venezuela and a still-solid demand outlook, and crude is back to juggling messy geopolitics with an uncomfortable amount of supply in the background.

Levels – WTI and Brent context for London traders

WTI (US crude)

Spot is trading around the $59.90–60.20 area after failing above $62 earlier in the week. The market has carved out a short-term band that matters for anyone trading intraday.

Support
- $59.50 – first intraday support and today’s obvious line in the sand.
- $58.80–59.00 – last clear breakout zone; a natural place for swing traders to test dip-buying interest.
- $58.00 – deeper correction level, roughly where the latest leg of the Iran rally really began.
Resistance
- $61.00 – yesterday’s failure point; first cap if London squeezes shorts.
- $62.20–62.40 – recent spike high and top of the panic move; above here, risk premium is being rebuilt, not just noise.

If/then for WTI

If WTI holds above $59.50 through the European morning, you can frame this as a controlled pullback inside a $59.50–62.50 range.
If we start putting hourly closes below $59, the tone shifts towards unwinding the whole Iran leg and buyers step back until lower levels.
If price drives back through $61–62 on fresh headlines, that’s the market re-pricing risk quickly, not quietly ranging.

Brent (North Sea benchmark)

Front-month Brent sits around $64–64.50, having traded up through $66–67 at the height of the scare.

Support
- $64.00 – first line; roughly today’s early low.
- $63.00–63.20 – last consolidation patch, where short-term buyers are likely to stand up.
- $62.00–62.50 – deeper support around the base of the last impulse.
Resistance
- $65.50 – intraday pivot from the prior session.
- $66.50–66.80 – recent high band and clear divider between “pullback in the range” and “risk premium back on”.

If/then for Brent

If Brent holds above $64, London can treat dips as part of a choppy range while the market re-prices the inventory story.
If we lose $63 on a closing basis, the chat will turn towards a full retrace of the Iran-driven pop.
If we’re back through $66.50 quickly, it’s no longer about yesterday’s stock build – it’s geopolitics again.

Human Truth

The chart doesn’t know how hard you work; your position size decides how hard it can hit you.

Calendar – what actually matters for oil today

The heavy lifting on oil-specific data came with the latest US crude inventory report, which showed a decent build instead of the draw many expected. That number will echo through today’s trade as desks tidy up positioning and options dealers rebalance hedges.

There is no new headline oil report of similar weight on today’s schedule. Instead, crude is likely to trade off three things: broader risk tone as equities rotate, the dollar’s path around US data later in the day, and any ad-hoc headlines on Iran, Venezuela or shipping routes.

None of that is predictable to the cent, but it tells you where the shove can come from.

Wrap + CTA – behaviour, spreads and a word on Vantage

This is written for normal traders with normal jobs. You might be in a cab, on a site, on shift, checking prices in short gaps. Oil is not going to slow down because your day is busy. Your edge is not magic levels or secret news; it is having a basic map and knowing your costs.

Right now that map is fairly clean. WTI has a working band around $59.50–62.50. Brent’s equivalent is roughly $64–66.50. Inside those ranges you should expect noise: profit-taking, re-hedging, fast money scalping each other. Outside them you should expect story: either the market is dumping the whole Iran premium, or something new has just broken in the headlines.

Costs are where a lot of people quietly bleed. Many of your readers will be trading via brokers like Vantage, using CFDs on USOUSD and UKOUSD to express their view. With the right setup, you can get tight, variable spreads on oil and no monthly rollover fees on the main cash contracts, which keeps the drag down if you sometimes hold beyond one session.

On a reduced-spread feed that matters: every cent you don’t give away in spread or swaps is one you keep for when the level actually works.

If you’re on Kyri’s feed, you can get that reduced pricing through this link:

https://www.vantagemarkets.com/open-live-account/?affid=NTg0MzU=

That still isn’t a licence to size like a hero. A sharper spread just makes decent decisions more efficient; it doesn’t rescue bad ones. Before each trade, check three things on your ticket: the live spread, your stop distance in dollars per barrel, and what that means in cash.

If the worst-case loss makes you flinch, turn it down before the market does it for you.

For today’s session, keep it simple:

If we hold first support on WTI and Brent, expect a messy range as the market digests the inventory build and cooler Iran headlines.
If support gives way, accept that crude is voting on oversupply and don’t try to be a hero catching every dip.
If something breaks on the geopolitical side and we rip back to the highs, remember the job is to survive the move, not to top-tick or bottom-tick it.