Oil prices are heading slightly higher on Monday, with no big headlines driving up prices.
Oil ticks higher on Monday amid broad consolidation ongoing. Demand recovery faces substantial issues in the medium turn with the shift away from fossil fuels. The US Dollar Index trades above 105.50 on the back of turmoil in the European bond market.
keeps sticking to its bullish outlook. Expect to see further consolidation until more pieces of the puzzle fall into place to give traders more outlook on demand. Looking up, the key two levels ahead of $80.00 are the 100-day and 200-day Simple Moving Averages at $79.26 and $79.13, respectively. Next, the 55-day Simple Moving Average at $80.11 is a level with a lot of resistance where any recovery rally could pause. Once broken through, the road looks quite open to $87.12.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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