WTIUSD

Oil prices are finding support from the decline in U.S. crude oil stocks yesterday, while being pressured by the strong dollar created by the FOMC minutes and concerns about global growth. The message of "tighter policy for a longer time" in the minutes could weaken oil demand by slowing down economic activity. The PMI data to be announced today will be closely monitored as it is expected to provide clearer signals regarding demand outlook.

Technical Levels: 64.505 - 63.916 - 63.500 - 62.955 - 62.366 - 61.405 - 60.630
Technical Commentary: The 62.955 pivot level maintains its significance amid the struggle of demand and supply dynamics. If the U.S. PMI data comes in stronger than expectations, it could strengthen the demand perception and target the resistance at 63.916. Weak data and the strong dollar theme will bring the supports at 62.366 and 61.405 back into focus.