WTI stays firm at around $67.60s after diving to fresh YTD lows

Western Texas Intermediate registers minimal losses at the beginning of the Asian session.
Weakness in the US Dollar, and an upbeat sentiment, caused WTI’s jump.
Two major central banks hosting monetary policy decisions could turn sentiment sour and drag oil prices down.

Christian Borjon Valencia FXStreet

Western Texas Intermediate (WTI), the US crude oil benchmark, advanced 2.31% on Monday, bolstered by a soft US Dollar (USD) and market sentiment improvement. As Tuesday’s Asian session begins, WTI exchanges hands at $67.68 PB.

Oil prices advanced on an offered US Dollar

Wall Street’s finished the session with gains spurred by risk appetite. Oil price was underpinned by an offered US Dollar, as shown by the US Dollar Index, down 0.54%, at 103.305. Nevertheless, the sentiment would remain fragile ahead of the US Federal Reserve (Fed) monetary policy meeting and the Bank of England’s (BoE) interest rates decision. Any hawkish tilt by central banks could derail traders’ mood and sour sentiment.

In the meantime, the G7 commented that it’s not expected an adjustment to Russia’s oil barrel level at $60.00 this week, as reported by Reuters.

The G7 had planned to reconsider the price limit implemented in December. Still, the officials mentioned that the European Commission informed EU ambassadors over the weekend that there is currently no interest among the G7 to conduct a prompt reassessment. This was supposed to take place in mid-March.

OPEC, Russia, and other producer allies (OPEC+) will hold a ministerial committee meeting on April 3. As per the agreement made in October, the group had decided to reduce their oil production targets by 2 million barrels per day until the end of 2023.

WTI Technical levels

WTI US OIL

Overview
Today last price	67.8
Today Daily Change	1.23
Today Daily Change %	1.85
Today daily open	66.57

Trends
Daily SMA20	75.24
Daily SMA50	77.24
Daily SMA100	78.59
Daily SMA200	85.58

Levels
Previous Daily High	69.83
Previous Daily Low	65.44
Previous Weekly High	77.55
Previous Weekly Low	65.44
Previous Monthly High	80.75
Previous Monthly Low	72.5
Daily Fibonacci 38.2%	67.12
Daily Fibonacci 61.8%	68.15
Daily Pivot Point S1	64.73
Daily Pivot Point S2	62.89
Daily Pivot Point S3	60.34
Daily Pivot Point R1	69.12
Daily Pivot Point R2	71.67
Daily Pivot Point R3	73.5

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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