Oil prices have entered a consolidation phase on Monday after seeing weekly peaking at $ 46.73, investors continue to trend horizontally with week-end OPEC producers narrowing their forecasts to 92% in June.
In addition, the report of the number of oil drilling on Friday is continuing to be cautious ahead of reports of US crude oil stocks on Tuesday and Wednesday, with bulls rising by 2 on July 14 and rising to 765.
In the meantime, crude oil continues to gain support from US petroleum production slowdown reports and strong Chinese demand. The latest Chinese economic data on expectations is supporting the oil demand of the world’s second largest oil consumer.
WTI Crude Oil currently trades at $ 46.64 with a gain of 0.21%.
Significant technical levels for WTI
$ 46.73 (weekly peak), $ 47.10 (July 3 summit), $ 47.50 (psychological level) resistance, $ 45.51 (10-DMA), $ 44.51 (July 5 bottom) and $ 43.67 (June 28 bottom) Support.