Oil on the forward march, WTI nearing $72 as markets jump on US-China spat 'on hold'

• Crude oil climbing along with global markets as the US-China trade spat cool off.
• WTI continues to punch into multi-year highs.

Oil is climbing to kick off the new week, and WTI spot prices are climbing into 71.90.

WTI has been hitting into multi-year highs as oil prices get bolstered by tensions in the Middle East, spurred on by the US pulling out of the Iran denuclearization deal.

Global markets are rallying in the new week's action following headlines that the US and China have put their trade spat 'on hold', and have vowed to withhold any further tariffs for now. Markets responded positive to the news, and risk sentiment took a swing higher after months of trade tensions.

WTI levels to watch

As FXStreet's own Matias Sailord noted about WTI's technical outlook, "In the short-term, the immediate support is seen at $71.00 (May 18 low) followed by $70.75 and $70.20 (May 14 low). To the upside, resistance levels might be located at $72.30 (May 17 high).