Timeframe: 1 Hour
Strategy: Short
🔸WTI crude prices dropped to around $77 per barrel on Monday for the third consecutive session.
🔸Investor caution prevailed ahead of crucial US inflation data and monthly reports from OPEC and the IEA.
🔸Last week, WTI prices fell by 2.45% due to uncertainties in demand despite extended supply cuts by OPEC+.
🔸China's oil imports also declined by approximately 5.7%, reaching 10.8 million barrels per day in the first two months of the year.
🔸Oil-producing countries like Saudi Arabia and Russia, announced an extension of production cuts through the end of the second quarter.