WTI Crude Oil Throws Near $ 64 – Supports Upward Trendline!
WTI Crude Oil closed at $ 64.92 after placing a high of $ 65.75 and a low of $ 63.95. It continued its bearish streak for the fourth straight session on Monday and extended its losses. WTI Oil prices fell on Monday and abandoned all previous gains amid a cyberattack that forced the shutdown of major oil pipelines in the United States. Colonial Pipeline in the United States said its main fuel lines remained offline after the attack that shut down the system; however, some smaller lines between terminals and delivery points have started operations.
Commerce Secretary Gin Raimond said the White House was working closely with Colonial to help it recover, as repairing the pipeline was a top priority for the Biden administration. This bad news and the rising infection rate in India have kept crude oil under great pressure. The pandemic situation in India worsened as death rates and infection rates remained near Monday’s daily highs. Another reason for the latest drop in oil prices was the recent statement by the World Health Organization. On Monday, the world body said it had changed its classification of the B.1.617 variant of the coronavirus first found in India last October, from a variant of interest to a variant of concern.
Daily technical levels
Pivot Point: 65.39
WTI Crude Oil is trading slightly lower, holding a tight trading range of 66.55 to 63.08. Technical indicators suggest a strong bullish bias, with MACD and RSI rising above average levels, indicating a bullish bias among investors. On the higher side, a bullish breakout of the 66.55 levels can drive buying trends up to 67. At the same time, breaching the support at the 64.16 level can trigger sells up to 62. , 89 and 62. Let’s keep an eye out for the 64.16 levels today, as the sell can be seen below and the buy above the same level. Good luck!