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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
