- Crude oil prices continue to fluctuate in a narrow range.
- WTI remains below $ 60 amid optimism and virus concerns.
After suffering heavy losses at the beginning of the week, crude oil prices rebounded, after which they entered a consolidation phase. A barrel of West Texas Intermediate (WTI), which lost more than 4% on Monday, closed Thursday virtually unchanged for the second day in a row and continues to move sideways below $ 60.
The Oil is trading around $ 59.55, losing 0.35% on the day. Later in the day, Baker Hughes Energy Services’ US oil rig count data will be released.
Meanwhile, investors continue to assess supply and demand dynamics. Renewed coronavirus tightening measures in major economies reignited concerns about an unstable recovery in global energy demand. On the other hand, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC +, will increase crude oil production by around 2 million barrels per day between May and July.
Earlier in the week, data released by the Energy Information Administration (EIA) showed that crude oil inventories in the US declined by 3.5 million barrels in the week ending April 2.
Technical levels
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