WTI is flirting with lows near $61.40 after the IEA forecasted that US oil production will increase over the next 5 years Learn more on the 5 March WTI Price Technical Analysis.
5 March, GKFX – The barrel of the West Texas Intermediate has started the week under some selling pressure and is now probing the area of session lows around $61.40.
WTI weaker on IEA, wait for data
Prices of the barrel of the American reference for the sweet light crude oil stay on the defensive on Monday after the IEA officials reported earlier that US oil production will increase over the next 5 years, while the output from OPEC producer should increase at a slower pace.
In addition, Libyan main oilfield Shahara said it has resumed production, adding to the selling mood around crude oil prices. Furthermore, driller Baker Hughes reported on Friday that US oil rig count increased by 1 during last week, reaching 800 active oil rigs, all amidst a persistent rise in US oil production, as per the latest EIA report.
5 March WTI Price Technical Analysis
At the moment the barrel of WTI is losing 0.21% at $61.39 and a break below $60.20 (low Feb.22) would aim for $60.13 (23.6% Fibo of $66.72-$58) and finally $58.10 (2018 low Feb.9). On the flip side, the next up barrier emerges at $62.22 (10-day sma) seconded by $63.43 (61.8% Fibo of $66.72-$58.10) and then $64.30 (high Feb.26).
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