WTI extends sideways move below $60 amid a firmer USD

Crude oil prices continue to fluctuate in a tight range.
WTI slips below $60 on a stronger US dollar.
Rising coronavirus cases amid extended restrictions dimmed oil demand outlook.

FXStreet Team FXStreet

Crude oil prices gained traction in the early European session. The pair opened on a flat note, near the $59.60 region, and was last seen trading at $59.97, up 0.44% on the day.

WTI has been moving back and forth between the $59.50 and $60.70 trading range, with no visible directional strength. The gloomy demand outlook, on behalf of demand concerns amid a spike in coronavirus cases in Europe and Asia, continued to haunt the black gold. The rising doubts over the economic rebound across regions after the extended lockdown in Japan, Australia and India hurt sentiment for crude.

Meanwhile, the decision by OPEC countries and their allies to raise supply gradually from May and the probability of higher supply from Iran amid efforts to ease US-Iran tensions also aided the upside pressure on the prices as supply would increase following the mentioned reasons.

The US dollar index (DXY) trades below the yearly highs of 93.47 and its remaining elevated guards against lower price levels for crude.

As for now, traders await the US CPI data later in the day, along with EIA’s inventory data on Wednesday, to gain fresh trading opportunities.

WTI technical levels

WTI

Overview
Today last price	59.90
Today Daily Change	0.32
Today Daily Change %	0.54
Today daily open	59.66

Trends
Daily SMA20	60.68
Daily SMA50	60.62
Daily SMA100	54.75
Daily SMA200	47.69

Levels
Previous Daily High	60.79
Previous Daily Low	58.77
Previous Weekly High	61.41
Previous Weekly Low	57.66
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	60.02
Daily Fibonacci 61.8%	59.54
Daily Pivot Point S1	58.69
Daily Pivot Point S2	57.72
Daily Pivot Point S3	56.67
Daily Pivot Point R1	60.71
Daily Pivot Point R2	61.76
Daily Pivot Point R3	62.73

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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