WTI rebounds above $34 in quiet session

WTI gains traction after moving sideways near $33.50 during European session.
Heightened hopes of energy demand recovery help crude oil remain bullish.

Eren Sengezer FXStreet

Crude oil started the new week under modest selling pressure and the barrel of West Texas Intermediate (WTI) dropped to a daily low of $32.46 during the early Asian session. However, the WTI easily recovered its losses and went into a consolidation phase near $33.50.

Easing energy demand concerns support oil

In the second half of the day, crude oil prices gained traction on heightened hopes of a recovery in global energy demand and the WTI rose above $34. Nevertheless, thin trading conditions seems to be making it difficult for WTI, which was last up 0.4% on the day at $33.70, to preserve its momentum.

Earlier in the day, Russia's state-run news outlet RIA Novosti reported that the Russian energy ministry was expecting the global oil market to reach its balance in June or July. Additionally, the report further noted that Russia was in full compliance of agreed OPEC+ output cuts.

Moreover, India's oil and steel minister Dharmendra Pradhan told CNBC TV18 that they were expecting India's fuel demand to reach June 2019 levels next month.

Due to the Memorial Day holiday in the US on Monday, the weekly API and EIA crude oil inventory data will be published on Wednesday and Thursday, respectively.

Technical levels to watch for

WTI

Overview
Today last price	34.05
Today Daily Change	0.38
Today Daily Change %	1.13
Today daily open	33.67

Trends
Daily SMA20	25.67
Daily SMA50	25.3
Daily SMA100	38.77
Daily SMA200	47.74

Levels
Previous Daily High	34.12
Previous Daily Low	30.88
Previous Weekly High	34.74
Previous Weekly Low	29.62
Previous Monthly High	32.21
Previous Monthly Low	8.46
Daily Fibonacci 38.2%	32.11
Daily Fibonacci 61.8%	32.88
Daily Pivot Point S1	31.66
Daily Pivot Point S2	29.64
Daily Pivot Point S3	28.41
Daily Pivot Point R1	34.9
Daily Pivot Point R2	36.13
Daily Pivot Point R3	38.15

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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