FXStreet (Mumbai) - WTI oil on NYMEX steadies in the early European trades, posing a minor recovery on the 44 barrier, await fresh economic news from the US for further direction.
US data eyed
Currently, WTI trades nearly 0.23% higher at 44.22, consolidating above 44 levels. US oil was seen posting mild gains after booking huge losses in the previous session, as markets completely ignored OPEC’s monthly report amid persisting demand concerns.
OPEC said it expects oil demand to be stronger this year than previously forecast, while the pace of growth will slow next year. The cartel also said that growth of non-OPEC oil supply will be slightly slower over this year.
Meanwhile, focus now shifts towards the American Petroleum Institute (API) report due to be published later today while the Energy Information Administration (EIA), considered as the more important agency, will deliver its figures on Wednesday.
Also, a batch of US data due to be reported later in the New York session will be closely watched for further USD moves, eventually impacting oil prices.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 45.88 levels above which gains could be extended to 47.23 levels. Meanwhile, support is seen 43.21 levels from here losses could be extended to 41.78 levels.
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