WTIUSD

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WTIUSD

Crude oil prices will be influenced today by two significant data releases. Firstly, the U.S. inflation data at 15:30 (UTC) will have an impact on the economic activity and demand outlook. A lower-than-expected inflation figure may support demand by creating the perception that the economy is not slowing down. Subsequently, the Crude Oil Inventories data to be announced at 17:30 (UTC) will be critical. Contrary to the expected slight increase in inventories (0.100M) following last week's strong decline, a decrease in inventories could push prices to 66.019 (Resistance 1) and 67.211 (Resistance 2) levels. A higher-than-expected increase in inventories, on the other hand, could raise demand concerns, pulling prices below the 65.516 pivot to the 64.324 (Support 1) level.