WTI crude oil prices are trading weaker at the start of a new trading week in anticipation of economic data releases from Europe and the US in the coming days. At the time of writing, WTI crude oil is trading at around $55.88 per barrel.
However, the surge in oil prices could also be attributed to profit taking by traders. Later today, manufacturing data out of the EU and the US could weigh on oil prices, causing traders to take a wait and watch approach before making any big moves in either direction.
Support Resistance
54.36 57.54
52.47 58.83
49.29 62.01
Key Trading Level: 55.65


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