WTIUSD

Crude Oil is starting weakly just below the pivot level of $62.161 and is focused on data that will affect both supply and demand dynamics to find its direction this week. The U.S. PPI data to be released on Wednesday at 15:30 TRT, followed immediately by the Crude Oil Inventory data at 17:30, will be critical moments for oil prices. A higher-than-expected PPI figure could raise demand expectations with the perception that economic activity is strong, pushing prices higher. At the same time, an unexpected drop in inventories could trigger supply concerns, supporting the rise. In this scenario, oil is expected to break the resistance at $62.957 and move towards $64.321. On the other hand, a weak PPI figure and an increase in inventories would fuel both demand concerns and the perception of excess supply, putting pressure on prices towards the support levels at $60.797 and then $60.001.