West Texas Intermediate (WTI) ends a three-day losing streak as the U.S. Dollar weakens, supply concerns
West Texas Intermediate (WTI), the U.S. crude oil benchmark, rebounded on Monday as the U.S. Dollar staged a modest pullback, while renewed geopolitical tensions in the Middle East contributed as concerns about supply disruptions resurfaced.
Market participants are awaiting cues from the U.S. Personal Consumption Expenditures Price Index (PCE) data for February on Friday, which will provide confirmation on the timing of potential rate cuts.
However, if the report shows stronger-than-expected readings, it could delay expectations of rate cuts from the Fed this year.
On Tuesday, traders will also monitor the U.S. Consumer Confidence by the Conference Board, Durable Goods Orders.
Later this week, the U.S. Gross Domestic Product Annualized (Q4) will be released on Thursday, with the U.S. February PCE data following on Friday, coinciding with the market holiday for Good Friday.
Based on technical analysis, the Relative Strength Index (RSI) holds a positive bias.
The Moving Average Convergence Divergence (MACD) oscillator is mixed/positive. The ADX (trend) indicator supports a weak bull trend.
The market rebound refocuses attention on the recent target of $83.
Traders should reassess at key levels and adjust strategies, considering the potential return of a bearish trend.
However, the near-term support is around $79.80-90; reaching this level could prompt a bullish response.
Daily Chart West Texas Intermediate (WTI)
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