WTI correction under the pressure of falling demand in China

FXStreet — After a short bullish consolidation with the Asian trade, fell the NYMEX Oil Futures, since there have been reports of a decline in Oil demand in China, the second-largest Oil consumer in the world.

The most recent consumption data from China show that the Oil imports of the country fell in April from the record highs at the level of the previous month.
Oil prices were down in the last week, a Solid recovery from a half-year low, as hopes of a continuation of the cutbacks in OPEC increases Oil production over the June.

The black Gold managed to build on its positive momentum in early Asian trade on Monday, supported by the comments of Saudi Arabia’s Minister of energy, Al-Falih. Al-Falih said: «Based on conversations with other members, I assume that the agreement will be expanded on in the second half of the year.»

The focus now shifts to the weekly US crude oil inventories tomorrow and on Wednesday.

WTI crude technical levels

About 46,98/47 (daily high / psychological level), next Resistances at 47,75 (High-4. May) and 48,50 (psychological level). On the other hand, supports are located at a 46.15 (classic S2 / S3 Fibo), 45,29 (Tief 4. May) and 45 (psychological level).

** FXStreet News Editorial, FXStreet**

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