Prices of the West Texas Intermediate reversed Monday's losses before the American Petroleum Institute published an increase in the oil stockpile. WTI is traded on a better mood after the OPEC said its oil production decreased during last month, adding that demand for its crude oil is now seen higher this year. Also sustaining the up move in Crude prices, geopolitical tensions remain on the rise in the Persian Gulf after recent drone attacks on Saudi oil facilities and Sunday’s sabotage of kingdom’s tankers. However prices reversed as the United States API Weekly Crude Oil Stock up to 8.6M in May 10 from previous 2.806M.
Crude oil prices surged above the $63 level during Tuesday's session but quickly lost traction and retreated back towards the $60.5 area. The price is currently testing the $61.31 support level with a kind of bearish momentum as the RSI points out after it tried to build up another bearish move. Our focus will be laid on the downside with the $60 support level remaining our main level to watch.
Support: 60.97/ 60.58
Resistance: 61.55/ 61.97