West Texas Intermediate crude drops to its lowest level in 3 days in levels below $58.00 levels

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West Texas Intermediate crude drops to its lowest level in 3 days in levels below $58.00 levels

  • A barrel of West Texas Intermediate crude breaks below the $58.00 area on Tuesday.
  • Crude oil demand and China continue to weigh on sentiment.
  • The American Petroleum Institute and Energy Information Administration reports are next on Wednesday and Thursday.

US light sweet oil prices are trading on the defensive on Tuesday, as the weekly decline extended below the $58.00 region.

WTI focuses on data and geopolitics

WTI prices add to Monday's losses below $58.00 a barrel, and extend the decline to 3-day lows.

In fact, crude oil prices started the week in a positive mood after fears of supply disruptions resurfaced in response to developments in Iraq and Libya over the weekend.

However, WTI reflected the initial optimism; Traders remain concerned about the future demand for crude oil in China, especially after the recently published GDP figures. It is worth noting that the Chinese economy grew by 6.1% over the past year compared to an expansion of 6.6% in 2018, and it is expected to expand 5.9% this year.

Later this week, the American Petroleum Institute is expected to report on US crude oil supplies on Wednesday, followed by the Energy Department's report the next day and the weekly tally of US oil rigs by Baker Hughes on Friday.

Key West Texas Intermediate Crude Levels

At the moment, the barrel of WTI is down 1.45% to $57.85, and a break below $57.59 (200-day SMA) would aim for $57.40 (2020 low Jan 15) then $57.29 (SMA). for a period of 100 days). On the flip side, the next resistance is centered at $59.73 (weekly high Jan 20), followed by $60.53 (50% Fibo of Dec-Jan high) and finally $65.66 (2020 high Jan 8).

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