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OIL bulls attempting to recover from yesterday’s 2% drop – US OIL Market Outlook – 02/03/2021

SquaredFinancial

WTI Crude oil dropped by more than 2% in yesterday’s session as investors unwound long positions ahead of Thursday’s highly awaited OPEC+ meeting. Russia’s production quota in March have increased by 65Kbpd, while all eye’s remain on Saudi Arabia’s decision on its unilateral 1Mbpd cut. API inventories expected out of the US today with last week’s change standing at 1.026 Mb. Technically, a close above $60 resistance level is needed to favor further upside with 20 period SMA and $61 as closest resistance targets.

Support: 59 / 58.50
Resistance: 60 / 61

SquaredFinancial Daily Market Outlook


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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-bulls-attempting-to-recover-yesterdays-2-drop-us-oil-market-outlook-02-03-2021
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