USOIL chart - Trading View
West Texas Intermediate snapped a two-day rally and slipped below $74 mark.
WTI was trading 1.21% lower on the day at $73.76 at around 12:50 GMT, after closing 1.95% higher in the previous session.
Renewed concerns over the new delta variant which is raising concerns about the reopening efforts in major economies is weighing on the energy demand outlook.
OPEC+ impasse failed to provide any support. In a joint statement published on Monday, Saudi Arabia and Oman praised the efforts of the OPEC+ for stabilizing oil markets and called for continued OPEC+ cooperation.
Price action has slipped below 200H MA. Major trend remains bullish as long as pair holds above 21-EMA support. Decisive break below will see minor weakness.
Focus shall be on the American Petroleum Institute's (API) and the US Energy Information Administration's (EIA) weekly crude oil stock data later in the week for fresh impetus.
