- The oil barrel advances for the second day, although it loses strength.
- WTI price reaches highs since Thursday at $ 81.80 and then cuts gains.
The oil price is rising on Tuesday, continuing with the recovery after last week’s decline, but has lost momentum in recent hours. The price of a barrel of WTI reached as high as $ 81.80 and then fell back towards $ 81.00 in the pre-session of the American session.
The advance of the barrel comes despite the comments of officials of the Organization of Petroleum Exporting Countries about an oversupply for next year, and the rise of the dollar in the market. The expectation also remains as to whether or not US President Joe Biden will use strategic reserves to ease the recent price hike.
In this context, WTI continues to trade sideways holding around $ 80.00. Key support appears at $ 79.40 below. To the upside, above $ 82.00, crude could gain momentum, although to enable more raises it has to break the strong barrier of $ 84.90 / 85.00.
Important US data will be released on Tuesday including retail sales and industrial production for October. In addition, several officials from the Federal Reserve will speak. After the closing of Wall Street, the data of weekly oil reserves of API will be known.
Technical levels
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