WTIUSD

Crude oil manages to stay above the 66.108 pivot level despite signs of slowing in the US economy, buoyed by hopes for increased global economic activity following the ceasefire. Although weak GDP data from the US raises concerns about demand in the world's largest oil consumer, expectations that the decrease in the geopolitical risk premium brought by the ceasefire will stimulate global growth are prevailing. Tomorrow's PCE data will indirectly play a role in oil prices by affecting the Fed's monetary policy and thus the strength of the dollar. For prices to approach the 67.863 resistance, maintaining a strong outlook for global demand is critically important.