FUNDAMENTAL OVERVIEWCrude oil has come under renewed pressure as additional US-Iran talks helped ease the tensions. Both sides are still engaged in negotiations to amend Iran’s recent proposal to reopen the Strait of Hormuz within seven days under certain conditions. The disagreement now reportedly centres on the sequencing of the steps rather than the components of the plan. Iran's government spokesperson said that the Foreign Minister Araghchi presented to the cabinet "a US proposal" today. No further details were given, though. Traders will therefore keep a close eye on the headlines for more information.In terms of immediate catalysts, yesterday the US offered up to 40 million barrels from the strategic oil reserve (SPR) and triggered a quick dip in oil prices. Moreover, we saw some downside on the news that Trump was in favour of easing sanctions on Russia in exchange for political prisoners. The news mattered for the oil market because prospects of easing restrictions on Russia could eventually put more Russian crude onto global markets, improving oil supply. Looking ahead, it goes without saying that a breakthrough in US-Iran negotiations would send oil prices quickly lower, while a prolonged stalemate or even a re-escalation will keep the market supported into new highs. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) is approaching the lower bound of the channel around the 87.00 level. If the price gets there, we can expect the buyers to step in, with a defined risk below it, to position for a rally into the 110.00 resistance. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 80.00 handle next.CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor downward trendline defining the recent bearish move. If we get a pullback, we can expect the sellers to lean on the trendline, with a defined risk above it, to keep pushing into new lows. The buyers, on the other hand, will look for a break higher to extend the pullback into the 96.00 handle next.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here, but we can see that there’s a strong resistance around the 91.50 level where we have also the trendline for confluence. Again, that’s where we can expect the sellers to step in to position for new lows, while the buyers will look for a break higher to extend the pullback into the 96.00 handle next. The red lines define the average daily range for today. UPCOMING CATALYSTSTodaywe have the US ADP and the US PCE price index. Tomorrow, we get the US ISM Manufacturing PMI and the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report. The focus, though, will remain on US-Iran developments. This article was written by Giuseppe Dellamotta at investinglive.com.