WTI extends correction to mid-$68s ahead of API oil inventory data
|- WTI snapped a five-day winning streak on Monday.
- Focus shifts to API's Weekly Crude Oil Stock data.
- China's crude oil imports declined by 14.6% on a yearly basis in May.
Crude oil started the new week on a firm footing and the barrel of West Texas Intermediate (WTI) reached its highest level since October 2018 at $69.97. However, WTI seems to have gone into a consolidation phase after testing $70 and was last seen losing 0.8% on the day at $68.60.
Focus shifts to API data
In the early trading hours of the Asian session on Monday, the data from China revealed that crude oil imports were down 14.6% on a yearly basis in May but this report was largely ignored by market participants.
Nevertheless, in the absence of significant fundamental drivers, crude oil's recent action seems to be a correction of last week's rally.
Meanwhile, Qatar Petroleum announced on Tuesday that it increased official prices in July to $1.15 per barrel above the average of Platts Oman and Dubai quotes for its Marine crude, as reported by Reuters.
Later in the session, the American Petroleum Institute will release its Weekly Crude Oil Stock data.
Technical levels to watch for
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