Black Gold Remains Sluggish

Western Taxes Intermediate (WTI), although surged ahead on Monday to the monthly top, later went sluggish, struggling to maintain the momentum. According to Russian Deputy Prime Minister Alexander Novak, OPEC+ remain focused on stabilizing the oil prices resisting US demand to boost oil production.
 
Earlier, oil prices got influenced by US airlines’ decision to call off thousands of airplanes and slightly increasing COVID-19 infections. Further decline of oil prices is kept under check by 200-SMA and Fibo level. If for some reason the price falls below $73.10, then the bears may take the price to $69 per barrel.

As can be inferred from the above chart, crude oil price is struggling to keep its current position. Bulls will have a psychological advantage if they could keep the price just above the $75 mark. Any decisive break from that level would take the price way down to $74.36.