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Uneven global recovery keeping OIL under pressure – US OIL Market Outlook – 23/03/2021

SquaredFinancial

Concerns of near-term demand outlook coupled with an uneven global recovery from the pandemic is keeping higher prints on WTI Crude oil under pressure, with Germany the latest to extend lockdown measures, New York mayor urging a pause on reopening, while India cases climbed rapidly. API weekly inventory data expected later in the day, with short term technicals favoring lower prints with $60 and $59 as closest support targets.

Support: 60/ 59
Resistance: 61 / 61.55 / 62

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/uneven-global-recovery-keeping-oil-under-pressure-us-oil-market-outlook-23-03-2021
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