- The price of crude falls back after the rise on Friday when it approached $ 62.
- Wall Street futures rise and the dollar presents mixed results, supporting the WTI.
The The price of oil is falling on Monday, while the futures of the main Wall Street indices rise, in a day of low volume due to the holidays in Europe. The price of a barrel of WTI It fell to $ 59.95, marking a low for the day and is trading at $ 60.40, shedding 1.60% on the day.
The price decline implies a correction of the rises at the close of last week. The announcement of the Organization of the Petroleum Exporting Countries and its allies reversing its production cuts between May and July in the face of the US economic rebound, was not enough to push the price of WTI out of the current range.
The price remains with strong resistance below $ 62 and in the opposite direction two key supports are seen, one at $ 58.70 and the other at $ 57.20. The break of this range will point to more directional travels in favor of the break.
While the data and expectations for growth in the US are a bullish factor, the increase in restrictions in Europe and other parts of the world, generate some concern about future demand.
In a context of low volume due to holidays in Europe, the report from ISM and Markit PMI stands out for the next few hours, together with that of factory orders, from the US In addition, operators will continue to watch closely what happens in Wall Street and the bond market.
Technical levels
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