WTI Oil outlook: Oil Prices Slip after Suez Re-opening, Markets Eye OPEC+ Meeting

WTI oil dropped over $ 1 on Tuesday, slipping from nearly two-week high ($ 62.23) posted in early Asian trading.

Re-opening of Suez Canal after almost a week of closure which threatened to seriously hit global trading, eased tension and push oil prices lower. Traders turn their focus to an OPEC+ meeting this week, with wide expectations that the group will agree to extend the supply curbs that would boost oil prices and brighten currently disappointing prospect for demand recovery. Saudi Arabia is ready to accept an extension of output reduction through June and also to prolong its voluntary and unilateral curbs that would further improve the sentiment. Fresh weakness following recovery stall pressures psychological $ 60 support, with extended dips to find footstep above the top of rising daily cloud (spanned between $ 58.68 and $ 54.23, which contained previous dips and offers solid support) and keep bulls in play.

Res: 60.87; 61.30; 62.00; 62.23.
Sup: 60.00; 59.39; 58.68; 58.30.