WTI consolidating lows ahead of API data
|- Traders await API.
- WTI weighed by stock market rut and resurgence in the dollar.
WTI been has been stabilising on the 63 handle having traded between a high of 64.09 and a low of 62.87.
The price has been weighed upon in correlation to the US stock market rout while investors also expect further gains in U.S. crude supplies and production. The DXY has also been recovering within a range of between 89.373 and 90.034 so far on the session.
Data coming up
The March West Texas Intermediate crude fell to $63.92 a barrel on the New York Mercantile Exchange for the lowest finish since Jan. 22 on Monday. Markets now await the Energy Information Administration’s production expectations weekly inventory report for this Wednesday where the government agency will issue its weekly petroleum-supply report. But first, we have the API’s Weekly Statistical Bulletin today.
WTI levels
The first support below 62.87 the low comes in as 60.66 (55-day sma). On the flipside, 64.43 (21-day sma) guards a break to 65.00 (10-day sma) and 66.35 (high Feb.2). The technicals are neutral on the 4-hr sticks with RSI back off the 30 level while momentum heads lower again. The daily sticks are more bearish.
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