- Crude oil prices continue to fluctuate within a narrow range.
- WTI falls below $ 60.00 with a stronger US dollar.
- Rising coronavirus cases amid the extension of restrictions dampens the outlook for oil demand.
Crude oil prices have gained traction early in the European session. WTI has started the day flat, near the $ 59.60 region, but at the time of writing it is trading at $ 60.08, up 0.70% on the day.
El WTI has estao moving forward and backward within a trading range between $ 59.50 and $ 60.70, without a visible directional force. The bleak outlook for demand, due to Demand Concerns Amid Rise in Coronavirus Cases in Europe and Asia, has continued to stalk black gold. Growing doubts about the economic rebound in all regions after the prolonged lockdown in Japan, Australia and India have hurt sentiment.
In the meantime, the decision of the OPEC countries and their allies to increase supply gradually from May and the likelihood of increased supply from Iran amid efforts to ease tensions between the United States and Iran also helped the upward pressure on prices, as supply would increase following the reasons mentioned.
The US Dollar DXY Index Trades Below Annual Highs Of 93.47 And Serves Support to crude oil prices, denominated in dollars.
Investors await the latest US CPI data for the day, along with inventory data from Wednesday’s EIA, for new trading opportunities.
WTI technical levels
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