WTI reclaims the area above the $70.00 mark

WTI bounces of multi-day lows near $69.50.
Tight supply concerns bolster the daily gains so far.
The API and the EIA will report on oil inventories later in the week.

Pablo Piovano FXStreet

Prices of the WTI starts the week in a positive fashion and looks to surpass the key $70.00 mark per barrel on a sustainable mood.

WTI looks at China, US SPR

After three consecutive daily pullbacks, prices of the barrel of the WTI gather some steam and hover around the key $70.00 region on the back of traders’ concerns over the current tight supply conditions, while ongoing output cuts by the OPEC+ also add to the upbeat mood in the commodity.

Bolstering prices also emerges US plans to start refilling the SPR and the renewed selling bias in the greenback, which somehow offset concerns over uncertainty around the Chinese recovery.

Later in the week, the API and the EIA will report on weekly US crude oil inventories on Tuesday and Wednesday, respectively.

WTI significant levels

At the moment the barrel of WTI is up 0.86% at $70.63 and faces the next resistance at $73.83 (weekly high May 10) seconded by $76.92 (high April 28) and finally $79.14 (weekly high April 24). On the other hand, the breach of $63.97 (monthly low May 3) would open the door to $64.41 (2023 low March 20) and then $61.76 (monthly low August 23 2021).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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