WTI Crude oil hit our resistance target, printing highs of $62.25pbl, as US oil production slumped by a record 40%, around 4Mbpd of production now offline, on the back of the unprecedented cold blast hitting Texas. Output in America’s biggest oil field, the Permian basin, is down between 65% to 80% with some analysts expecting losses to last for longer. A surprise drawdown in API inventories helped lift prices above the $62 handle with technicals signaling overbought conditions, favoring a pullback towards $61 support.
Support: 61.50 / 61 / 60
Resistance: 62 / 62.50
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