WTI consolidates the upside amid positive catalysts. US-China worries offset by vaccine hopes, supply cuts. Focus shifts to weekly US supply reports amid risk-on. WTI (July futures on Nymex) was offered just above the 34.50 level in early European trading, now consolidating around the 34-mark following a brief drop to the 33.75 region. Despite the retreat, the black gold remains underpinned by the OPEC+ producers’ commitment to cut their production levels. However, the bulls appear to have turned a deaf ear to the latest Reuters report, citing that Russian Energy Minister Alexander Novak is expected to discuss a possible extension of existing oil output cuts beyond June with the Russian oil companies. The persisting risk-on mood, amid hopes of a coronavirus vaccine combined with the optimism over the re-opening up of the global economies, also offers support to the higher-yielding oil and cools-off the fears over the escalating US-China tensions. Further, the US oil rigs count data, which showed the tally at a record low, aids the bullish momentum in the barrel of WTI. The focus now shifts towards the weekly US crude supplies report for near-term trading opportunities in the commodity. WTI technical levels to watch On a sustained break above 34.50, the immediate resistance is seen at 35.00 (round figure), above which the 100-DMA of 35.77 will be on the buyers’ radar. To the downside, the 33.61 pivot point could offer immediate support, below which the 33 mark will be eyed. WTI additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/NOK: Underlying capital flows and a recovery in energy prices to strengthen the krone – Danske Bank FX Street 3 years WTI consolidates the upside amid positive catalysts. US-China worries offset by vaccine hopes, supply cuts. Focus shifts to weekly US supply reports amid risk-on. WTI (July futures on Nymex) was offered just above the 34.50 level in early European trading, now consolidating around the 34-mark following a brief drop to the 33.75 region. Despite the retreat, the black gold remains underpinned by the OPEC+ producers’ commitment to cut their production levels. However, the bulls appear to have turned a deaf ear to the latest Reuters report, citing that Russian Energy Minister Alexander Novak is expected to discuss a possible… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.