- Crude oil remains on the defensive as activity in the Suez Canal resumes.
- Saudi Arabia will reportedly agree to renew OPEC + production until June.
- The API will release its weekly crude oil stock report at 20:30 GMT.
After a dismal start to the week, crude prices gained traction and a barrel of West Texas Intermediate WTI finished the first day of the week in positive territory. However, WTI has not been able to maintain its bullish momentum and has fallen to a daily low of $ 59.93 at the start of the American session.
The focus is on the OPEC + meeting
The Suez Canal it reopened to traffic late on Monday and made it difficult for crude prices to continue rising.
On the other hand, Reuters has reported that Saudi Arabia is ready to accept OPEC + oil production renewal through June and producers remain cautious regarding the outlook for demand. The sources told Reuters they “still don’t see demand strong enough and want to prevent prices from falling.”
However, this headline does not appear to have a positive impact on prices as investors remain reluctant to make big bets ahead of Thursday’s OPEC + meeting. Meanwhile, The latest data from JTC has revealed that the cumulative overproduction of OPEC + rose to about 3 million barrels per day in February.
Later in the day, the American Petroleum Institue will publish its weekly crude oil stock report.
WTI technical levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
