WTI finds support near $63, stages decisive rebound

Iran's crude oil exports said to be below 1 million bpd so far in April.
Employees decide to extend strike at Shell's Pernis refinery.
Coming up: API's weekly crude oil stock report.

Eren Sengezer FXStreet

After testing the $63 mark earlier in the day, the barrel of West Texas Intermediate reversed its direction and turned flat on the day above mid-$63s as latest headlines suggested potential crude oil supply disruptions.

According to Refinitiv Eikon's data, Iran's crude oil exports dropped below 1 million barrels per day so far in April from 1.1 million bpd in March to remind investors of the impact of the U.S. sanctions on the crude oil supply. Additionally, a spokesman for the responsible trade union today said that employees working at the Shell's Pernis Refinery decided to extend their strike.

In addition to these headlines, the upbeat market sentiment in the second half of the day as reflected by rising U.S. T-bond yields and stock markets provided an additional boost to commodities. Later in the session, the weekly API crude oil inventory data from the U.S. will be looked upon for fresh impetus.

On other oil-related news, the Nigerian oil minister earlier in the day told reporters that Nigeria was planning to increase its oil production by 75K barrels per day starting June.

Technical levels

WTI

Overview
Today last price	63.77
Today Daily Change	0.07
Today Daily Change %	0.11
Today daily open	63.7

Trends
Daily SMA20	61.69
Daily SMA50	58.37
Daily SMA100	54.61
Daily SMA200	60.68

Levels
Previous Daily High	63.95
Previous Daily Low	63.18
Previous Weekly High	64.71
Previous Weekly Low	63.17
Previous Monthly High	60.78
Previous Monthly Low	54.79
Daily Fibonacci 38.2%	63.47
Daily Fibonacci 61.8%	63.66
Daily Pivot Point S1	63.27
Daily Pivot Point S2	62.84
Daily Pivot Point S3	62.5
Daily Pivot Point R1	64.04
Daily Pivot Point R2	64.38
Daily Pivot Point R3	64.81

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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