WTIUSD

WTI is moving in a narrow band around the pivot level of 62.231, lacking demand signals from Asia due to the Chinese markets being on holiday. Therefore, the most significant event for oil prices this week will be the release of U.S. Crude Oil Inventory data today. A decline in inventories that exceeds expectations could create the perception of strong demand, pushing prices back toward the resistance level of 62.73. Conversely, an unexpected increase in inventories or weak ISM Manufacturing PMI data from the U.S., which could raise concerns about global growth, may trigger worries about oil demand and pull the price down to the support level of 61.52.