USOIL chart - Trading View
West Texas Intermediate (WTI) crude oil was holding marginal gains on the day, was trading at 59.71 at around 12:30 GMT.
Price action continues to grind sideways as the pair continues to trade in familiar ranges, capped between major EMAs.
Oil markets remain under pressure after OPEC+ agreed last Thursday to roll back its production cuts between May and July amid signs of a strong US economic rebound.
Further decline remains on the cards in the very near-term if price action breaks major support at 55-EMA.
Focus on the American Petroleum Institute’s (API) weekly crude supplies report due later on Tuesday for further direction.
5W MA has turned. Break below 55-EMA and daily cloud will raise scope for dip till 200W MA at 53.78.
