WTIUSD

WTI has turned its direction downwards with sales coming from the resistance level of 65.916 and is currently squeezed in a narrow band around the pivot level of 65.202. The most important data for oil prices this week will be the Crude Oil Inventories, which will be announced on Wednesday, October 1st. A larger-than-expected decline in inventories could strengthen demand perceptions and push prices back towards the 65.916 (Resistance 1) level. However, the holiday in the Chinese markets throughout the week will limit signals regarding demand from the largest oil importer. Additionally, data from the U.S. such as the ISM Manufacturing PMI (October 1st) and Non-Farm Payrolls (October 3rd) will provide clues about global growth and will directly impact oil demand expectations. Weak economic data could raise demand concerns, pulling the price down to the 64.183 (Support 1) level.