WTI crude oil prints three-day uptrend near $70.00 amid first back-to-back quarterly loss since 2019

• WTI crude oil grinds higher around weekly top amid dicey markets.
• Mixed China data weigh on market’s cautious optimism as demand depletion looms.
• Firmer US Dollar, hawkish central banks keep energy bears hopeful.
• OPEC+ seminar in Vienna, US NFP eyed for clear directions.

WTI remains on the front foot for the third consecutive day heading into Friday’s European session. In doing so, the black gold clings to mild gains around the $70.00 round figure amid mixed catalysts and cautious mood ahead of today’s US inflation clues, as well as the next week’s energy producers’ meeting in Vienna comprising the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+.

China activity data appears stabilizing of late, which in turn raises hopes of an improvement in the dragon nation’s economic performance after the COVID-19 debacle. The recovery moves, however, appears shallow with the government’s plan for domestic growth having limited acceptance.

Further, the US-China tension intensifies and raises fears of more filters for the energy demand from the world’s biggest commodity user. Additionally, fears of higher rates from the major Western central banks and recession woes in Europe also exert downside pressure on the WTI crude oil price.

However, the latest geopolitical woes surrounding Russia and the OPEC+ readiness to defend the supply cuts seem to keep the Oil buyers hopeful.

On the same line are the recently firmer US data that triggered the market’s optimism about the economic recovery of the world leader, as well as headlines from Moody’s suggesting that China’s economic hardships will not affect the US.

Hence, the energy market appears mixed ahead of the US Core Personal Consumption Expenditure (PCE) Price Index for May, also known as the Federal Reserve’s (Fed) favorite inflation gauge, and the next week’s OPEC+ seminar. Though, the quarterly moves flag fears as the black gold prints the second consecutive QoQ loss for the first time since 2019.

Technical analysis

WTI crude oil remains sidelined within a five-week-old symmetrical triangle, currently between $71.70 and $67.70. That said, bears are likely to keep the reins despite the latest recovery in the energy price.