Oil has stabilized, WTI holding steady above 63.50

• Oil has recovered from the week's plummet, but prices are still being pressured by oversupply.
• Crude prices are still cycling around March's midpoint.

Crude oil has stabilized and WTI is holding on the high side near 63.60 after falling in the early week.

Trade flare-ups over the weekend proved too much for crude oil, and WTI knocked back from the 65.40 region to trade into 62.00 before recovering with broader markets, lifting back into the 63.00 area.

Oil wasn't able to track the broad market recovery back to the highs however, as oil supply from Russia continues to creep upwards despite the OPEC's agreement to try and constrain oil output in the face of low oil prices, and the American oil stocks continue to be flooded despite the closure of several oil rigs recently.

WTI Levels to watch

The challenge for oil bulls will be to extend the bullish correction after rejecting the 34-day EMA at 63.00, and further support sits at the low just above 62.00, but immediate resistance sits at late March's swing low of 64.15 with further resistance at the level to beat for further gains this year, 66.25.