WTI eyes multi-week high near $64.00 amid weaker USD and upbeat global outlook

Crude oil prices pause their gains just below the $64.00 mark.
Upbeat US Retail Sales and Chinese economic data lift the demand outlook.
Weaker USD also supports crude oil prices.

FXStreet Team FXStreet

After strong rebounds from weekly lows, crude oil prices are accumulating minor losses in the European session.

At the time of writing, WTI crude oil is trading at $63.47, up 0.02% on the day.

Crude oil prices struggled to capitalize on weekly gains and seem to have gone into a minor correction mode. The upbeat US and Chinese data fuel the hope for recovery in energy demand sooner than expected. Retail Sales in the US recorded their highest growth since May 2020, while unemployment benefits fell to the lowest since the pandemic began in March 2020. On the same line, the Chinese economy expanded by 18.3% YoY in Q1.

OPEC and its allies raised its demand outlook for 2021 on the backdrop of economic stimulus and an effective vaccination program across regions. The positive sentiments were echoed by a larger-than-expected draw in crude oil inventories last week, as reported by the US Energy Information Administration (EIA) and the American Petroleum Institute (API).

However, the rising number of coronavirus cases and extended lockdown in Europe and Asia, still mark a pessimistic view on the pace of global economic recovery. This, in turn, hurts the sentiment around the black gold.

As for now, the dynamics around the US dollar will continue to influence crude oil prices.

WTI technical levels

WTI

Overview
Today last price	63.66
Today Daily Change	0.28
Today Daily Change %	0.44
Today daily open	63.38

Trends
Daily SMA20	60.28
Daily SMA50	61.07
Daily SMA100	55.29
Daily SMA200	48.01

Levels
Previous Daily High	63.64
Previous Daily Low	62.61
Previous Weekly High	61.41
Previous Weekly Low	57.66
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	63.25
Daily Fibonacci 61.8%	63.01
Daily Pivot Point S1	62.78
Daily Pivot Point S2	62.18
Daily Pivot Point S3	61.75
Daily Pivot Point R1	63.81
Daily Pivot Point R2	64.24
Daily Pivot Point R3	64.84

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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