WTIUSD

WTI has turned its direction downward due to sales from the resistance level of 65.916 and is currently stuck 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 to be announced on Wednesday, October 1st. A decrease in inventories that exceeds expectations could strengthen the perception of demand and push prices back towards the 65.916 level (Resistance 1). However, the holiday in the Chinese markets throughout the week will limit signals regarding demand from the largest oil importer. Additionally, data such as the ISM Manufacturing PMI (October 1st) and Non-Farm Payrolls (October 3rd) coming from the U.S. will provide clues about global growth and will directly affect oil demand expectations. Weak economic data could raise concerns about demand, pulling the price down to the 64.183 level (Support 1).