WTI settles lower as dollar rebounds

• Oil prices weighed by a stronger dollar 
• WTI remains near multi-year highs

West Texas Intermediate crude futures fell on Monday and settled at $65.56 a barrel, down 0.9% on the day, after hitting a low of $64.96/bbl at the beginning of the New York session.

Crude prices came under pressure amid a stronger dollar, and comments from Iran's Oil Minister Bijan Zanganeh that said that current levels of oil prices are "good," but warned about higher prices that can trigger an increase in production. 

However, crude prices remain near multi-year highs scored last week. It is worth mentioning that WTI gained nearly 60% since lows around the $42.00 mark seen in June 2017 to last week’s tops around $66.70/bbl.

Crude technical view

“The decline seems corrective, although technical readings suggest that the downward move could continue during the next few sessions”, said Valeria Bednarik, chief analyst at FXStreet. The analyst sees next support levels at 64.95, 64.50 and 64.00, while she places resistances at 65.70, 66.40 and 67.00.