WTI Crude Oil (current price: 43.21)
Oil fell almost two percent on Monday following a strong morning session, as the most important commodity left its short-term advancing trend channel. WTI Crude is hovering just above the $43 support level, following a three-session long correction, since the contract hit a new high at 44.5 last week. Investors will probably focus on U.S. production numbers again as the other major producers are unlikely to meaningfully change their output in the near future, following the unsuccessful Doha meeting.
Our assessment: Oil could be headed for new highs in the second half of the week, but we expect further consolidation today, before a resumption of the rally.
