USOIL chart - Trading View

West Texas Intermediate (WTI) crude is extending declines from multi-month highs at $69.97 after doji formation in the previous session.

WTI was trading 0.93% lower on the day at $68.61 at around 12:00 GMT, after closing 0.19% lower in the previous session.

OPEC+ expect oil stockpiles to fall further in the coming months, OPEC's Secretary-General Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit.

Barkindo’s upbeat comments failed to lend support to oil prices which were dragged down amid dollar gains.

WTI was rejected shy of $70 mark, remains pressured below $69, scope for further downside.

Weakening demand from Asia as Covid-19 resurgence in most of the South Asian countries depresses fuel demand in the continent dent prices.

Technical indicators are bullish. However, the pair finds major resistance at 200-month MA at 69.89.

Doji formation on the daily charts suggests indecision among bulls to take prices higher. Bears eyes immediate support at 200H MA at 67.95.

On the flipside, decisive break above 200-month MA required for upside continuation.