WTI Crude Oil XTIUSD Chart Technical Outlook is heading towards $67.00 on a strong USD and oversupply concerns.
The positive impact of the lower US Oil stocks has been short-lived. Crude prices have resumed their downtrend, weighed by a strong US Dollar, which is trading at one-year highs against a basket of currencies, and concerns about future demand.
Data from China reveals that consumption improved, yet property investment remains 16% below a year ago despite Beijin’s stimulus measures.
With demand from the world’s second-largest economy likely to remain subdued and investors’ scaling back Fed rate cut hopes, which will limit US growth, Oil prices are expected to remain depressed. Support levels are at $67.00 and $65.15. Resistances lie at $70.70 and $73.00.
