WTI bounces above $ 67 as focus shifts to API data

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  • WTI is slowly climbing in the second half of the day on Tuesday.
  • Improving market sentiment appears to be helping oil gain traction.
  • Investors await API weekly crude stock data.

Crude oil prices came under strong selling pressure at the beginning of the week and the barrel of West Texas Intermediate (WTI) it lost almost 7% on Monday. After extending its slide to its lowest level in nearly three months at $ 65.06 on Tuesday, WTI rebounded in the US session and was last seen gaining 1% at $ 67.20.

With an eye toward weekly API inventory data

The worsening demand outlook amid growing numbers of confirmed Delta coronavirus variants coupled with rising OPEC + oil production following the UAE-Saudi Arabia deal hit oil prices on Monday. .

In the absence of significant fundamental development that could be seen as a positive driver for crude oil prices, the latest rally appears to be bargain-buying. Additionally, the improving market mood is also helping risk-sensitive oil attract investors.

Reflecting the positive shift in sentiment on Tuesday, the S&P 500 Index, which lost 1.6% on Monday, is currently up 1.65% to 4,329.

Later in the session, the American Petroleum Institute (API) will release its weekly crude oil stock data.

Technical levels

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