WTI Crude Oil prices edged up on Monday, looking to expand on the previous week’s small rebound. Around $69.00/barrel of crude, the lowest point until the 29th of June. The oil price is now trading slightly higher than the above-$71.00 mark, higher more than 0.35 percent on the day, but lacking follow-up due to a confluence of divergent drivers.

WTI Key Points and Considerations

WTI Oil prices rose slightly during today’s sessions on Monday, although there was little implementation.

Prospects of a healthy American economy generate confidence about the future for consumption and give assistance.

the Chinese fiscal troubles may limit additional advances prior to crucial monetary authority meeting concerns.

The solid American (NFP) report issued on Friday indicated a continuing healthy economy. Prompting a bit of confidence about crude consumption in the globe’s top fuel user. This is viewed as a crucial component operating as a rebound for the oil’s pricing. Buyers, on the other hand, are doubtful that OPEC+’s current output curbs would be sufficient to counter rising supplies from nations beyond of the group. Amid weakening demand worldwide. Which in addition to negative economic statistics from major consumer China, raises worries about gasoline consumption. As well as might restrict any substantial appreciation in the crude oil.

Source: EIA

Indeed, the Chinese Ministry of Customs stated on Friday. The oil imports dropped ten percent between Oct – Nov and, reaching a fourth-month trough. In addition, Chinese inflation numbers issued during the weekend showed that prices for consumers fell at the highest rate until the end of 2020. In addition, the PPI) fell for the fourteenth consecutive month. The report was interpreted as reflecting poor demand from consumers, necessitating prudence prior to taking bold optimistic wagers on the crude oil rates. Investors might elect to stay put prior of this week’s significant monetary authority activity threats.

Technical Daily Indicators

Crude WTI