WTI rebounds from weekly lows, looks to settle above $73

WTI dropped to its lowest level in a week at $71.96.
OPEC+ JTC left 2021 oil demand growth forecast unchanged at 6 million bpd.
Eyes on API's Weekly Crude Oil Stock data.

Eren Sengezer FXStreet

After closing deep in the negative territory, crude oil prices continued to push lower on Tuesday before turning north in the late American session. The barrel of West Texas Intermediate (WTI), which fell to its lowest level in a week at $71.96 earlier in the day, is currently up 0.5% at $73.15.

Eyes on OPEC headlines

Following the OPEC+ Joint Technical Committee (JTC) meeting on Tuesday, Reuters reported that the committee left its 2021 global oil demand growth forecast unchanged at 6 million barrels per day and didn't make any policy recommendations.

Additionally, OPEC+ sources told Reuters that the Joint Ministerial Monitoring Committee (JMMC) got postponed to July 1 from June 30.

Meanwhile, India's oil minister noted the fuel demand is expected to recover to pre-pandemic levels by the end of the year. Later in the session, the American Petroleum Institute will release the Weekly Crude Oil Stock data.

Oil: The threat of further increases in supply is likely to limit further gains – Deutsche Bank.

Technical levels to watch for

WTI

Overview
Today last price	72.86
Today Daily Change	0.35
Today Daily Change %	0.48
Today daily open	72.51

Trends
Daily SMA20	70.94
Daily SMA50	67.04
Daily SMA100	64.19
Daily SMA200	54.69

Levels
Previous Daily High	74.17
Previous Daily Low	72.36
Previous Weekly High	74.05
Previous Weekly Low	70.69
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	73.05
Daily Fibonacci 61.8%	73.48
Daily Pivot Point S1	71.86
Daily Pivot Point S2	71.21
Daily Pivot Point S3	70.05
Daily Pivot Point R1	73.66
Daily Pivot Point R2	74.82
Daily Pivot Point R3	75.47

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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