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.

Eren Sengezer FXStreet

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

WTI

Overview
Today last price	64.04
Today Daily Change	0.51
Today Daily Change %	0.80
Today daily open	63.53

Trends
Daily SMA20	60.56
Daily SMA50	61.34
Daily SMA100	55.65
Daily SMA200	48.24

Levels
Previous Daily High	63.68
Previous Daily Low	62.67
Previous Weekly High	63.93
Previous Weekly Low	58.77
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	63.3
Daily Fibonacci 61.8%	63.06
Daily Pivot Point S1	62.9
Daily Pivot Point S2	62.28
Daily Pivot Point S3	61.89
Daily Pivot Point R1	63.92
Daily Pivot Point R2	64.31
Daily Pivot Point R3	64.93

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.

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