WTI rebounds above $67 as focus shifts to API data

WTI is edging higher in the second half of the day on Tuesday.
Improving market mood seems to be helping oil gain traction.
Investors await API's Weekly Crude Oil Stock data.

Eren Sengezer FXStreet

Crude oil prices came under strong heavy selling pressure at the start of the week and the barrel of West Texas Intermediate (WTI) lost nearly 7% on Monday. After extending its slide to its lowest level in nearly three months at $65.06 on Tuesday, WTI staged a rebound in the American session and was last seen gaining 1% at $67.20.

Eyes on weekly API inventory data

Worsening demand outlook amid rising number of confirmed coronavirus Delta variants alongside increasing OPEC+ oil output following the agreement between the United Arab Emirates and Saudi Arabia hurt oil prices on Monday.

In the absence of a significant fundamental development that could be seen as a positive driver for crude oil prices, the latest recovery seems to be a product of bargain shopping. Additionally, improving market mood is also helping the risk-sensitive oil attract investors.

Reflecting the positive shift in sentiment on Tuesday, the S&P 500 Index, which lost 1.6% on Monday, is currently up 1.65% at 4,329.

Later in the session, the American Petroleum Institute (API) will release its Weekly Crude Oil Stock data.

Technical levels to watch for

WTI

Overview
Today last price	67.16
Today Daily Change	0.68
Today Daily Change %	1.02
Today daily open	66.48

Trends
Daily SMA20	72.9
Daily SMA50	69.8
Daily SMA100	66.08
Daily SMA200	57.17

Levels
Previous Daily High	71.33
Previous Daily Low	65.53
Previous Weekly High	74.95
Previous Weekly Low	70.14
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	67.75
Daily Fibonacci 61.8%	69.11
Daily Pivot Point S1	64.23
Daily Pivot Point S2	61.98
Daily Pivot Point S3	58.43
Daily Pivot Point R1	70.03
Daily Pivot Point R2	73.58
Daily Pivot Point R3	75.83

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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