WTI oil holding steady above 65.00

• Crude is holding steady as holiday volumes weigh down the market action.
• Potential for declining US production is cracking heads with Iran risks, trade war fears

Crude oil is hanging onto Friday's gains, lifting into the new week and holding as the Easter holidays wear off as WTI trades near 65.10 per barrel.

Crude markets were boosted into the new week by a slight decline in American oil production activity with some rigs going offline, but the overall rig count remains well over 200 and any further price gains are going to be limited as oil traders continue to nervously await a resolution to the current Iran tensions that could see the US bin their nuclear agreement with the Middle East country.

Further adding to oil pressure is the market-wide fears of a trade war between the US and China, which will probably leak back to the front pages after China's retaliatory tariff follow-through that happened over the weekend.

WTI Crude levels to watch

As FXStreet's own Flavio Tosti noted, "bulls’ initial target is $65.50, followed by the $66 handle; further up, $66.66 is the high of 2018. If the bulls can’t break above $65.50 supply zone in the next sessions, the pullback down may continue and $63.81 swing low becomes the support; if this level gets successfully broken, the next scaling point is seen at $62.30 previous demand zone. The long term-trend on oil is bullish but market participants will need to decide what happens after the double top made on March, 26."