WTI stuck in range above $ 63, awaits API data for fresh direction

  • Cautious markets ahead of China data dump keep oil traders on the edge.
  • Looks vulnerable amid potential US inventory build and talks of higher OPEC+ output.

WTI (oil futures on NYMEX) moved back and forth in a narrow range just ahead of the 63 handle so far this Tuesday, consolidating the downside, as the bears await the US API weekly supply report for the next push lower. 

The black gold remains under pressure amid increased expectations of higher US inventories, as the American Petroleum Institute (API) is set to publish its weekly crude stocks data later today at 2030 GMT.

Moreover, the recent talks of increasing the OPEC+ production also remained a weight on the barrel of WTI. On Monday, Russia’s Finance Minister Siluanov said Russia and the producer group (OPEC+) may decide to boost output to fight for market share with the US.

From a broader perspective, oil prices remain supported by tighter global markets amid the ongoing OPEC+ output cuts and the US sanctions on Iran and Venezuela. Looking ahead, the increased nervousness heading into Chinese GDP release will keep any upside attempts in oil short-lived while the US supply report will emerge as the key driver in the session ahead.

WTI Technical Levels

WTI

Overview
Today last price 63.35
Today Daily Change -0.20
Today Daily Change % -0.31
Today daily open 63.7
 
Trends
Daily SMA20 61.69
Daily SMA50 58.37
Daily SMA100 54.61
Daily SMA200 60.68
Levels
Previous Daily High 63.95
Previous Daily Low 63.18
Previous Weekly High 64.71
Previous Weekly Low 63.17
Previous Monthly High 60.78
Previous Monthly Low 54.79
Daily Fibonacci 38.2% 63.47
Daily Fibonacci 61.8% 63.66
Daily Pivot Point S1 63.27
Daily Pivot Point S2 62.84
Daily Pivot Point S3 62.5
Daily Pivot Point R1 64.04
Daily Pivot Point R2 64.38
Daily Pivot Point R3 64.81

 

 

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