- Oil continues to sustain the recent rebound, trading wide.
- WTI tops out Monday at $ 72.97 before falling back to $ 70.85.
The Oil prices are declining modestly on Monday after failing to hold onto gains. The WTI barrel had reached as high as $ 72.97, before falling back to the $ 70.85 zone. It is trading $ 71.52, volatile, but within the recent range.
Price is moving without clear direction on Monday, in line with equity markets and the dollar. This is the beginning of a busy week, which includes the meetings of several central banks, including the Federal Reserve. The other focus will be on what continues to happen with the Omicron variant.
The Organization of Petroleum Exporting Countries, In its outlook report, it reported that it estimates that COVID will not have an impact on demand in 2021 and 2022 and maintained the demand outlook.
Technically the WTI is moving sideways. Key support is at the $ 70.30 area and a drop below would trigger further pullbacks. In the opposite direction, the relevant level is in the $ 73.00 area. A confirmation on this last level would strengthen the bullish scenario, enabling more gains in the short term.
Technical levels
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