WTIUSD

Crude oil prices are focused on the U.S. crude oil inventory data that will be released today. Last week, an increase of 2.553 million barrels was recorded in inventories. A rise in inventories above expectations could put pressure on prices. However, geopolitical tensions and China's better-than-expected growth data (5.4%) support positive expectations for oil demand. Technically, the $60.61 level is an important support point, while $63.63 is a critical resistance level that needs to be surpassed. The trajectory of oil prices may be influenced by today's inventory data, as well as Powell's statements and tomorrow's ECB decision.