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WTI Crude oil Holds Support Despite OPEC Production Increase

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WTI crude was on the ropes Monday morning following another surprise production increase from OPEC+. Yet despite the weak start to the week, oil prices held above the April low despite the bearish headlines.

Given we've already seen a -15% decline over the prior eight days and a bullish divergence has formed, I suspect some bullish mean reversion is due. Bulls could seek a move to the $60 area, near the April VPOC. Note that the December 2023 low might also provide some resistance along the way.

Matt Simpson, Market Analyst at City Index and Forex.com

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