WTI stages a comeback towards 2019 tops ahead of EIA report

• Bulls back in control amid tightening supplies due to the US sanctions and OPEC cuts.
• Global growth worries to keep the upside capped?
• Focus on US EIA weekly crude supplies report for fresh impetus.

WTI (oil futures on NYMEX) caught a fresh bid in mid-Asia and since then is on a steady rise towards the 2019 tops of 64.79, as the sentiment remains undermined by the increased expectations of tighter global markets amid ongoing OPEC output cuts and the US sanctions on Iran and Venezuela.

However, further upside could remain at mercy of the broader market sentiment, in the event of the Brexit Summit and FOMC March meeting minutes release. The Fed minutes could trigger extensive USD moves, which could eventually have a major impact on the USD-sensitive oil.

Meanwhile, markets may turn cautious ahead of the EIA crude stockpiles data due later in the NA session, especially after the API report showed that the US crude stocks rose by 4.1 million barrels in the week to April 5 to 455.8 million barrels.

Further, the downward revisions made to the global growth forecasts by the International Monetary Fund (IMF) a day before could also continue to keep a check on the upside attempts.

WTI Technical Levels