U.S. WTI Crude Oil futures are trading higher late in the session as lower crude production in Libya offset expectations that rising coronavirus cases in India and Japan would cause energy demand to decline. Stronger-than-expected U.S. factory data and a drop in the number of U.S. oil rigs also provided support.
At June WTI Crude Oil futures were trading $62.14, up $0.71 or +1.16%. This is up nearly $1.00 from the intraday low at $61.25. Libya announced that its oil production fell to about 1 million barrels per day in recent days and could drop further due to budgetary issues.
The short-term range is $67.29 to $57.29. Its retracement zone at $62.29 to $63.47 is resistance.The minor range is $57.29 to $64.38. Its 50% level at $60.83 is support. This level stopped the selling at $60.61 on Thursday.The main range is $51.04 to $67.29. Its retracement zone at $59.17 to $57.25 is the major support. This area is controlling the longer-term direction of the market.