WTIUSD

Crude Oil is starting weakly just below the pivot level of $62.161 and is focused on data that will influence both supply and demand dynamics to find direction this week. The PPI data announced on Wednesday at 15:30 Turkish time positively affected prices. A higher-than-expected PPI figure increased demand expectations with the perception of strong economic activity, pushing prices up. At the same time, an unexpected drop in inventories triggered 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, weak PPI data and an increase in inventories will exacerbate both demand concerns and the perception of oversupply, putting pressure on prices towards the support levels of 60.797 and then 60.001.