WTIUSD

Crude Oil is starting weakly just below the $62.161 pivot level and is focused on data that will affect both supply and demand dynamics to find its direction this week. The U.S. Producer Price Index (PPI) data to be announced on Wednesday at 15:30 TRT, followed immediately by the Crude Oil Inventory data at 17:30, will be crucial moments for oil prices. A PPI figure higher than expectations could boost demand expectations with the perception of strong economic activity, pushing prices up. At the same time, an unexpected decline 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 exacerbate both demand concerns and the perception of a supply surplus, pressuring prices towards the support levels at $60.797 and then $60.001.