Oil markets are enjoying a good trading day after several rough sessions. Since late-August WTI prices have been trading sideways in a roughly $2-range. Bulls have once again targeted the area at $70 per barrel - a key resistance that coincides with the 38.2% Fibonacci retracement, the downward trend line and 50-day moving average.
Oil markets have experienced a temporary supply decline. First of all, key Libyan export terminal remains blocked while oil production in the Gulf of Mexico is reduced by around 700k barrels per day compared to the period before Hurricane Ida hit. On the other hand, there are some speculations that on Monday OPEC may revise its demand forecasts to the downside. The whole cartel may reportedly feel comfortable with oil prices in a $68-72 range. In theory, downward revision could be positive for oil prices as it may result in halting oil output increase.
OIL.WTI is currently testing key resistance level. Source: xStation5
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