Crude Oil recovers on Monday, but stuck in familiar territory as WTI grapples with $79

Crude Oil rebounded to kick off the new trading week. Despite recovery, topside momentum remains limited. Geopolitical tensions are mixing poorly with increasing risk of oversupply. West Texas Intermediate US Crude Oil recovered ground on Monday as energy traders stepped back into barrel bets on continued geopolitical tensions in the Middle East, but steadily-rising US Crude Oil supplies are crimping upside potential in Crude Oil markets.

The American Petroleum Institute will be publishing their latest Weekly Crude Oil Stocks count on Tuesday, forecast to show a buildup of one million barrels through the week ended May 10. The EIA’s own Crude Oil Stocks Change, due on Wednesday, will be publishing on Wednesday. WTI technical outlook Despite Monday’s price recovery, WTI remains trapped in near-term technical levels as US Crude Oil trades on the high side of a supply zone between $78.00 and $77.00 per barrel.

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WTI churns close to $82.00 as Crude Oil tries to stop the slideIran eased off the gas pedal on Monday, stating that it will not retaliate further against Israel following a back-and-forth scuffle between the two countries that sent global energy markets spiraling in recent weeks as fears of a widening Middle East conflict widened.
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