- WTI prices reached new annual highs near $ 68.00.
- Bullish momentum shows signs of exhaustion on Monday.
- API and EIA will report crude oil supplies later in the week.
West Texas Intermediate (WTI) prices They trim early gains and return to negative territory below $ 66.00 a barrel on Monday.
WTI finds resistance around $ 68.00
After hitting the new highs at the levels last traded at the end of October 2018, just below $ 68.00 per barrel, WTI prices lost some upward force and are now retracing below $ 66.00.
In fact, initial gains were boosted by the attack on Saudi facilities by Yemeni forces, although the impact of the news lessened when officials confirmed that the damage was not substantial.
Crude oil prices therefore lose some momentum after the rally was exacerbated in response to OPEC + ‘s decision to extend oil production cuts through April.
On the speculative front, net longs in crude rose to levels last seen in early January near 520,000 contracts during the week ending March 2, according to the latest CFTC report.
Later in the week, the API’s regular weekly crude oil supply report (+7,356M prev) and EIA (+21,563M prev) will be released on Tuesday and Wednesday, respectively.
What to look for around WTI
West Texas Intermediate prices continue to rise, reaching $ 68.00 per barrel, as optimism among traders remains high after the OPEC + meeting. Rising inflows into commodity-based ETFs, rumors that a commodity supercycle could be in the offing, and growing bets for a strong global recovery (along with ongoing vaccine launches) have supported the rally in crude oil in recent weeks.
Significant levels
Right now, a barrel of WTI is down 1.23% to $ 65.44 and a breakout of $ 59.27 (March 3 weekly low) would expose to $ 58.60 (February 19 low) and then $ 57.43 (February 12 low). February). On the positive side, the next hurdle is $ 67.94 (March 8, 2021 high) followed by $ 70.00 (key level) and finally $ 76.58 (October 3, 2018 high).
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