- WTI’s barrel rises even higher after two pullbacks in a row.
- The outlook for crude oil appears to have improved, OPEC said.
- Next up will be the API’s weekly supply report.
West Texas Intermediate prices They manage to regain some composure and retake the $ 61.00 level and above Tuesday.
WTI attentive to the OPEP, API
Crude oil prices reversed two consecutive daily setbacks and managed to return after bottoming out in the $ 59.50 region during early trading.
Positive comments from OPEC are helping crude oil prices rebound after the cartel said it is optimistic about the outlook for the commodity.
US benchmark prices for light sweet crude hit new 2021 highs around $ 64.00 per barrel last week in response to strong prospects for a strong global recovery (mainly in China) coupled with the increasing likelihood of a additional stimulus under the Biden administration and investor perception that a commodity supercycle could be in the offing.
Going forward, OPEC + will meet Thursday at the center of the debate around the possibility that members can pump more oil into the markets (in light of the recent price spike).
Later in the session, the API will release its weekly report on US crude inventories ahead of Wednesday’s EIA report.
What to look for around WTI
West Texas Intermediate prices found decent resistance well above $ 63.00 last week. Rising inflows into commodity-based ETFs have supported the rally in crude oil alongside falling US crude supplies, icy weather conditions in Texas, and the overall favorable environment for US assets. higher risk. The latter was based at the same time on the acceleration of the launch of the vaccine in Europe / Asia, adding to the idea of ​​a strong rebound in the post-coronavirus pandemic.
Significant levels
Right now, a barrel of WTI is up 1.14% to $ 60.87 and faces the next hurdle at $ 63.79 (February 25, 2021 high) seconded by $ 65.62 (January 8, 2020 high) and finally $ 66.58 $ (2019 high on April 23). On the other hand, a breakout of $ 58.60 (Feb 19 low) would expose $ 57.43 (Feb 12 low) and then $ 54.56 (50-day SMA).
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