WTIUSD

Oil markets are currently focused on the official Crude Oil Stocks data to be released today by the U.S. Energy Information Administration (EIA). WTI is currently trading just below the pivot level of 63.305. A more pronounced decline in stocks than market expectations could positively affect the demand outlook, pushing prices toward resistance levels of 63.800 and then 64.265. In the event of an unexpected increase in stocks or renewed concerns about global economic growth, support levels of 62.825 and 62.325 may come into play.