WTI drops 1% to test $ 63 amid mixed signals on global supply

Souring risk appetite combined with mixed signals on global supply drags oil southwards.
All eyes on the US weekly supply reports for fresh direction.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) resumed its Friday’s bearish momentum and hit fresh five-day lows at 63.23 in the European session, having consolidated the downside in the Asian trades.

The black gold ran into fresh offers as the US-China trade optimism faded in Europe and the risk-sentiment turned cautious, despite broad-based US dollar weakness. Moreover, markets remain wary of the future oil price-direction amid mixed signals on global supply, with the US leading edge indicators suggesting oil output growth firming up.

On the other end, the OPEC and its allies could decide to extend the output cuts when they meet in June. Adding to this, the Russian news agency, Interfax, reported that Russia cut its oil output by 150,000 bpd so far this month.

Further, markets continue to weigh in the weekend’s comments by the Russian Finance Minister Siluanov, citing that Russia and OPEC may decide to boost production to fight for market share with the United States but this would push oil prices as low as $40 per barrel.

In the day ahead, the prevalent risk sentiment on the Wall Street will continue to drive the oil price-action amid a lack of significant US economic news, as all eyes remain on the upcoming US weekly fuel stocks data due later in the week.

WTI Technical Levels

WTI

Overview
Today last price	63.33
Today Daily Change	-0.51
Today Daily Change %	-0.80
Today daily open	63.94

Trends
Daily SMA20	61.46
Daily SMA50	58.19
Daily SMA100	54.5
Daily SMA200	60.71

Levels
Previous Daily High	64.7
Previous Daily Low	63.73
Previous Weekly High	64.71
Previous Weekly Low	63.17
Previous Monthly High	60.78
Previous Monthly Low	54.79
Daily Fibonacci 38.2%	64.33
Daily Fibonacci 61.8%	64.1
Daily Pivot Point S1	63.55
Daily Pivot Point S2	63.15
Daily Pivot Point S3	62.58
Daily Pivot Point R1	64.52
Daily Pivot Point R2	65.09
Daily Pivot Point R3	65.49

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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