WTI consolidates gains around $64 after rising to fresh monthly highs
- WTI rose to its highest level since March 18 at $64.35.
- Libya declared force majeure on exports from Hariga port.
- Focus shits to API's Weekly Crude Oil Stock data.
Following last week's impressive rally, crude oil prices started the new week on a firm footing and the barrel of West Texas Intermediate gained 0.65% on Monday.
Focus shits to US oil inventory data
With Libya declaring force majeure on exports from Hariga port and saying that additional measures could be taking on other facilities, WTI continued to push higher and touched its best level in a month at $64.35 on Tuesday. Currently, WTI is consolidating its daily gains around $64, rising 0.8% on a daily basis.
Later in the week, the American Petroleum Institue's (API) and the US Energy Information's (EIA) weekly crude oil inventories data will be looked upon for fresh impetus.
In the meantime, the sharp increase witnessed in coronavirus cases in Asia, especially in India, forces investors to adopt a cautious stance with regards to energy demand recovery outlook and limits crude oil's gains for the time being.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
