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  • Crude oil remains on the back foot as activity in Suez Canal resumes.
  • Saudi Arabia reportedly will accept rollover of OPEC+ production through June.
  • API will release  its  Weekly Crude Oil Stock report at 2030 GMT.

Following a dismal start to the week, crude oil prices gained traction and the barrel of West Texas Intermediate (WTI) finished the first day of the week in the positive territory. However, WTI failed to preserve its bullish momentum and dropped to a daily low of $59.93 in the early American session.

Eyes on OPEC+ meeting

The Suez Canal reopened to traffic late on Monday and made it difficult for crude oil prices to continue to push higher.

On the other hand, Reuters reported that Saudi Arabia is prepared to accept the rollover of OPEC+ oil output through June with producers preserving the cautious tone with regards to demand outlook. Sources told Reuters that  don’t see demand as yet strong enough and want to prevent prices from falling”.

Nevertheless, this headline doesn’t seem to be having a positive impact on prices as investors remain reluctant to make large bets ahead of Thursday’s OPEC+ meeting. Meanwhile, the latest JTC data revealed that the OPEC+ cumulative overproduction rose to about 3 million barrels per day in February.

Later in the day, the American Petroleum Institue will release its Weekly Crude Oil Stock report.  

Technical levels to watch for