USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil was trading at 59.66, down 0.21% at around 11:20 GMT.
Oil markets dented amid concerns in the near-term demand outlook as Covid-19 pandemic worsens in a number of key markets.
Crude oil prices undermined following last week’s announcement that OPEC will be gradually increasing output in coming months.
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman expressed confidence that OPEC and its allies (OPEC+) made the right output decision.
Further, an unexpected build in the American gasoline inventories overshadowed the drawdown in the crude stockpiles recorded last week.
Technical indicators on the weekly charts support downside. Price action remains capped below 200H MA.
On the daily charts, the pair is holding support at 55-EMA and daily cloud. Break below will open downside.
