WTI retreats to $58 area ahead of API report

WTI consolidates Monday's gains, trades in a tight range around $58.
Investors await API's Weekly Crude Oil Stock report.

Eren Sengezer FXStreet

Crude oil prices rose for the sixth straight trading day on Monday and the barrel of West Texas Intermediate (WTI) closed above $58 for the first time in more than a year. Although the WTI preserved its bullish momentum and rose to $58.60 earlier in the day on Tuesday, it seems to have gone into a consolidation phase and was last seen posting small losses at $58.

Focus shifts to US oil inventory data

The acceleration of coronavirus vaccination, especially in the US, falling crude oil inventories and upbeat macroeconomic data releases provided a boost to oil prices last week.

On Tuesday, the souring market mood is keeping the risk-sensitive WTI's upside limited. Major European equity indexes are posting modest daily losses and the S&P 500 Futures are down 0.1% on the day.

Meanwhile, a preliminary Reuters poll showed that crude oil and gasoline stockpiles probably increased last week, putting additional weight on the WTI's shoulders. Later in the day, the American Petroleum Institue (API) will release its Weekly Crude Oil Stock report ahead of the US Energy Information Administration (EIA) Crude Oil Stocks Change data on Wednesday.

Technical levels to watch for

WTI

Overview
Today last price	57.94
Today Daily Change	-0.01
Today Daily Change %	-0.02
Today daily open	57.95

Trends
Daily SMA20	53.63
Daily SMA50	50.2
Daily SMA100	45.37
Daily SMA200	41.89

Levels
Previous Daily High	58.03
Previous Daily Low	56.89
Previous Weekly High	57.17
Previous Weekly Low	51.6
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	57.59
Daily Fibonacci 61.8%	57.33
Daily Pivot Point S1	57.22
Daily Pivot Point S2	56.49
Daily Pivot Point S3	56.08
Daily Pivot Point R1	58.35
Daily Pivot Point R2	58.76
Daily Pivot Point R3	59.49

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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