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Crude Oil snaps higher as hopes of rising demand continue to bolster barrel bids

WTI climbs to $80 per barrel as energy markets hope for summer demand uptick.
Crude Oil markets shrug off disappointment Chinese demand figures.
OPEC+ production limits set to expire, could swamp out Crude supplies.

Joshua Gibson FXStreet

West Texas Intermediate (WTI) US Crude Oil shrugged off recent bearish pressures to climb back towards the $80.00 handle on Monday. Energy markets are shrugging off the planned end of voluntary production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and a miss from updated Chinese demand figures. Barrel traders continue to hope for an expected uptick in summer Crude Oil demand to stop up a possible oversupply wave that could hit barrel stocks as production continues to outpace projections.

A planned phasing out of voluntary production cuts for OPEC ally member states, OPEC+, is expected to begin later in the year as OPEC+ begins to crack under the financial pressure of trying to prop up global Crude Oil prices. Chinese production figures also missed the mark over the weekend, threatening future hopes of an uptick in industrial fuels production. Despite headwinds on multiple fronts, Crude Oil markets are grinding out higher ground to kick off the new trading week as investors expect an uptick in summer fuel demand with a hotter-than-average summer season expected.

Crude Oil technical outlook

WTI US Crude Oil climbed back over the 200-day Exponential Moving Average (EMA) at $78.81, tipping into the touch range of the $80.00 handle as it continues an extended recovery from the recent multi-month swing low at $72.45.

A short-side play could be on the cards if bullish exhaustion runs out of gas near $80.00, but bidders could find technical support as WTI cracks above a descending trendline drawn from 2024’s peak bids above $86.00.

WTI hourly chart

WTI daily chart

WTI US OIL

Overview
Today last price	79.79
Today Daily Change	1.72
Today Daily Change %	2.20
Today daily open	78.07

Trends
Daily SMA20	77.11
Daily SMA50	79.7
Daily SMA100	79.26
Daily SMA200	79.18

Levels
Previous Daily High	78.79
Previous Daily Low	77.43
Previous Weekly High	78.98
Previous Weekly Low	75.03
Previous Monthly High	81.25
Previous Monthly Low	76.04
Daily Fibonacci 38.2%	78.27
Daily Fibonacci 61.8%	77.95
Daily Pivot Point S1	77.4
Daily Pivot Point S2	76.73
Daily Pivot Point S3	76.03
Daily Pivot Point R1	78.77
Daily Pivot Point R2	79.47
Daily Pivot Point R3	80.14

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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