WTI gains still capped above $37.00

The barrel of West Texas Intermediate keeps the initial negative tone unchanged on Monday, fading another bullish attempt to the key $37.00 handle.

WTI up on US weakness

Crude oil prices keep the narrow trading range today, finding support around $36.30 while gains remain so far capped in the low-$37.00s.

Concerns over the ongoing supply glut plus comments that Iran will continue to expand its production until levels just before sanctions have been weighing on sentiment early in the European session, although the renewed offered tone in the greenback has allowed a return to the positive territory.

Ahead in the week, the API’s report on stockpiles is due tomorrow ahead of the EIA’s report on inventories on Wednesday.

WTI levels to consider

At the moment the barrel of WTI is down 0.74% at $36.70 facing the immediate support at $35.96 (low Mar.15) ahead of $35.17 (100-day sma) and then $34.17 (55-day sma). On the other hand, a break above $38.54 (20-day sma) would aim for $40.12 (high Mar.28) and finally $40.63 (200-day sma).