Commodities Analysis by Fawad Razaqzada covering: Crude Oil WTI Futures. Read Fawad Razaqzada's latest article on Investing.com
Key events this week like US inflation data and Fed decision could impact oil prices through the dollar.prices edged higher in the early trade on Monday, making back some of its losses from Friday. While there is hope for increased fuel demand as we head to the summer months, today’s small recovery comes on the back of a three-week drop.
According to positioning data from the CFTC, managed funds increased their short positions by 27.2k contracts, while large speculators increased theirs by 22.1k contracts . This positioning data reflects the market response to OPEC's decision to extend oil production cuts. It suggests that traders either anticipated more aggressive support for prices from OPEC, are concerned about declining demand due to a slowing economy, or likely a combination of both factors.
The next major support level below the bearish channel is at $70.00, followed by the December low at $67.87.
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