Oil settles modestly higher, eyes on US supply data

Crude oil prices held steady on Tuesday, trading near a fresh low set at $35.23 a barrel, as Kuwait cooled things down, saying that an output freeze by major oil producers would proceed even without Iran, shifting market's attention towards the Doha meeting next April 17th.

West Texas Intermediate crude oil prices settled around $35.89 a barrel, up 0.53%, after a choppy session. Attention now turns to API stock report ahead of the weekly US supply data due Wednesday.

WTI technical perspective

“The daily chart shows that the bearish pressure eased, but didn't reverse, as the technical indicators have turned slightly higher near oversold territory, but the price remained well below a now bearish 20 SMA,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the RSI indicator heads north around 35, while the Momentum indicator also heads higher below its 100 level, as the 20 SMA accelerated its decline and after crossing below the 100 SMA, is pointing to break below the 200 SMA too, indicating the risk remains towards the downside, particularly on a break below 34.85, the immediate support.”

Support levels: 34.85 34.30 33.50. Resistance levels: 36.20 36.90 37.65.