WTIUSD

Crude Oil started weakly just below the pivot level of $62.161 and is focused on data that will influence both supply and demand dynamics to find its direction this week. The U.S. Producer Price Index (PPI) data to be released on Wednesday at 15:30 GMT and the Crude Oil Inventories data coming right after at 17:30 will be crucial moments for oil prices. A higher-than-expected PPI could raise demand expectations with the perception of strong economic activity, pushing prices up. At the same time, an unexpected decrease in inventories could trigger supply concerns, supporting the rise. In this scenario, oil is expected to break through the resistance at $62.957 and move towards $64.321. On the other hand, weak PPI data and an increase in inventories would fuel both demand concerns and the perception of excess supply, putting pressure on prices towards the support levels of $60.797 and then $60.001.