- Oil is posting small daily gains after a two-day slide.
- OPEC oil production fell by 870,000 bpd in February.
- The focus is on the US oil inventory data and the OPEC + meeting.
The crude oil prices They closed in negative territory on Monday for the second day in a row and a barrel of West Texas Intermediate WTI lost nearly 5% in that time span. Although WTI has extended its slide and touched its lowest level in a week at $ 59.43 earlier in the day, has made a technical bounce and at the time of writing is up 0.35% on the day at $ 60.57.
Focus shifts to US inventory figures and OPEC + meeting
At the beginning of the week, disappointing China manufacturing PMI data, which showed that the sector’s activity expanded at its smoothest pace in nine months, weighed on crude oil prices.
On the other hand, a recent Reuters poll showed that OPEC oil production in February decreased by 870,000 barrels per day due to voluntary cuts from Saudi Arabia. However, this report failed to boost crude prices as investors await the OPEC + meeting on Thursday on the group’s production strategy.
Before that critical event, the US Petroleum Institute and the US Energy Information Administration will release inventory reports on Tuesday and Wednesday, respectively.
WTI technical levels
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