WTI crude hit our support target at $38, easing down from $40 as Saudi Arabia signaled it wouldn’t continue with additional deeper cuts after June and on a bearish technical divergence while OPEC+ production cuts provided a floor for WTI crude as an uptick in demand with economies reopening should open the door to further upside. A surprise build-up in API stockpiles to be released today, could just be the fundamental data needed to push prices higher in a technically bearish trading day.
Support: 38 / 36.50
Resistance: 40 / 43
