Crude oil prices recovered from Friday’s losses, but the downside pressure persists. On Monday, President Trump tweeted that he demanded OPEC to raise supply. He said that Saudi Arabia and other OPEC nations were in agreement. US Secretary of State Mike Pompeo said that the US is taking all measures to ensure supply is not disrupted after Iran’s oil waivers end tomorrow.
WTI Holds on to the Support
Crude oil prices bounced off the support level formed at 62.85 level. However, price action remains weak to the upside. The API crude oil inventory report, due out later today could provide some catalyst to the price action. The resistance level at 64.55 is the likely target to the upside. To the downside, a break down below the support of 62.85 will see crude oil extending declines lower.
