Oil steady on Iran concerns, rising Dollar capping prices as WTI holds $67.40

• WTI softened on Tuesday as the Dollar soars and US oversupply continues to glut out demand.
• Concerns over the US' moves on Iran in May are keeping oil underpinned.

Crude oil has relaxed slightly with WTI trading near 67.40 in a quiet Asia session.

Crude prices have been chattering against the ceiling for the back half of April, rising Middle East concerns propping up oil prices even as US overproduction continues to surge through supply lines. 

US President Trump is debating whether or not to pull out of the Iran deal and re-impose tough sanctions on Iran that could see oil prices globally skyrocket. 

Further adding to oil's downside pressure is a still-advancing US Dollar, and a peaceful resolution to the Iranian debacle could see oil prices splashing down as investor fears wane, but if Trump decides by May 12th to go ahead with slapping sanctions back in Iran, then oil prices will definitely feel the surge as global oil instability sends prices soaring.

WTI levels to watch

Crude oil has caught itself in a tight consolidation phase as Middle East concerns play tug of war with US oversupply and a firming US Dollar, and as FXStreet's own Pablo Paviano noted earlier about WTI's technical outlook: "at the moment the barrel of WTI is down 1.30% at $67.68 facing the next support at $67.11 (low Apr.15) seconded by $66.55 (21-day sma) and finally $65.56 (low Apr.17). On the other hand, a break above $69.55 (2018 high Apr.19) would open the door to $69.66 (monthly high Dec.2014) and finally $70.00 (psychological level)."