WTI jumps to fresh multi-year highs above $73

Improving demand outlook continues to boost crude oil prices.
Nuclear talks between Iran and US come to a halt after Iran's presidential election.
Focus shifts to weekly crude oil stock data from US.

Eren Sengezer FXStreet

Crude oil prices registered gains for the fourth straight week last week and preserved the bullish momentum on Monday with the barrel of West Texas Intermediate (WTI) reaching its highest level since October 2018 at $73.67. At the moment, WTI is rising nearly 3% on a daily basis at $73.50.

The improving demand outlook remains the primary driver behind rising crude oil prices as the normalization in major oil consumers continues at a robust pace.

Additionally, investors seem to have turned cautious regarding the possibility of the US lifting sanctions on Iran with nuclear talks coming to a halt after the hardline judge Ebrahim Raisi wins the presidential election. This development seems to be supporting rising oil prices from the supply side.

Later in the week, the American Petroleum Institute (API) and the US Energy Information Administration will release the weekly crude oil stock data.

Meanwhile, the Bank of America Global Research announced over the weekend that it revised its 2021 average price forecast for WTI to $65 amid prospects for demand growing more quickly than supply over the next few quarters.

Technical levels to watch for

WTI

Overview
Today last price	72.8
Today Daily Change	1.74
Today Daily Change %	2.45
Today daily open	71.06

Trends
Daily SMA20	68.92
Daily SMA50	65.73
Daily SMA100	63.1
Daily SMA200	53.68

Levels
Previous Daily High	71.78
Previous Daily Low	69.84
Previous Weekly High	72.74
Previous Weekly Low	69.56
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	71.04
Daily Fibonacci 61.8%	70.58
Daily Pivot Point S1	70.01
Daily Pivot Point S2	68.95
Daily Pivot Point S3	68.07
Daily Pivot Point R1	71.95
Daily Pivot Point R2	72.83
Daily Pivot Point R3	73.89

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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