WTI looks to close the bullish opening gap amid Libya ceasefire

WTI pares back gains led by Libyan oilfields shutdown news.
Broad USD strength also weighs down on oil prices.
Focus shifts to US weekly Crude Stock data amid thin trading.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) is seen surrendering most gains induced by the news that two large crude oil fields are shutdown in Libya following a military blockage. At the press time, the black gold trades near $58.75, looking to close the bullish opening gap.

The prices jumped to over one-week highs of $59.66 starting out in Asia this Monday, as oil bulls cheered the weekend reports of the Libyan outage. The Libyan state-run National Oil Corporation (NOC) said on Sunday that two big oilfields in the southwest had begun shutting down after forces loyal to the Libyan National Army closed a pipeline. The news stoked concerns of supply disruption from the OPEC producer, bumping up commodity prices.

However, the prices are seeing a pullback over the last hours, in the wake of the agreement by the main backers of the rival Libyan factions at the Berlin Summit for a permanent ceasefire in order to allow a political process to take place, per Reuters.

Further, a fresh buying wave seen in the US dollar against its major peers, mainly driven by aggressive selling in GBP/USD also collaborates with the latest move lower in oil. Meanwhile, the US dollar also continues to draw support from Friday’s strong US economic releases.

Attention now turns towards the US weekly Crude Stocks Change data for fresh trading impetus. Meanwhile, the developments surrounding the Libyan conflict will continue to remain the main driver for energy markets this week. Oil markets to focus on impact of Libyan geopolitical crisis - Westpac

WTI Technical levels to consider

WTI

Overview
Today last price	58.87
Today Daily Change	0.25
Today Daily Change %	0.43
Today daily open	58.62

Trends
Daily SMA20	60.5
Daily SMA50	59.02
Daily SMA100	57.28
Daily SMA200	57.73

Levels
Previous Daily High	58.97
Previous Daily Low	58.28
Previous Weekly High	59.28
Previous Weekly Low	57.38
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	58.71
Daily Fibonacci 61.8%	58.54
Daily Pivot Point S1	58.28
Daily Pivot Point S2	57.93
Daily Pivot Point S3	57.59
Daily Pivot Point R1	58.97
Daily Pivot Point R2	59.31
Daily Pivot Point R3	59.66

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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