The price of North American light oil WTI Crude Oil is moving in a corrective trend, trading at around 60.80.
Oil quotes remain under strong pressure, and the main focus of the commodity market is now turned towards Europe. The massive refusal of the EU countries to use the AstraZeneca vaccine caused a sharp drop in the exchange rate of the trading instrument. Despite all the statements of the World Health Organization and the EU Medicines Agency, the countries that have refused are in no hurry to resume the use of this drug, which significantly slows down the already low rates of vaccination.
Another negative factor is the upcoming OPEC + meeting in April. Despite the fact that the current production restrictions should have a positive impact on the price, the parties to the transaction will not be able to keep production levels at such low levels for a long time. Sooner or later, they will have to increase volumes, which may lead to an even deeper decline in the price of the asset.
Support and resistance levels
On the local chart of the asset, the price left the boundaries of the “expanding formation” pattern and reached the full retracement level of 61.8% Fibonacci. Technical indicators are in the state of a sell signal. The fluctuation range of the Alligator EMA indicator is narrowing, but is still directed downward, and the AO oscillator histogram is in the sell zone.
Resistance levels: 61.90, 64.40
Support levels: 59.50, 57.00
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