WTI rebounds from weekly lows, looks to settle above $73

• WTI dropped to its lowest level in a week at $71.96.
• OPEC+ JTC left 2021 oil demand growth forecast unchanged at 6 million bpd.
• Eyes on API's Weekly Crude Oil Stock data.

After closing deep in the negative territory, crude oil prices continued to push lower on Tuesday before turning north in the late American session. The barrel of West Texas Intermediate (WTI), which fell to its lowest level in a week at $71.96 earlier in the day, is currently up 0.5% at $73.15.

Eyes on OPEC headlines

Following the OPEC+ Joint Technical Committee (JTC) meeting on Tuesday, Reuters reported that the committee left its 2021 global oil demand growth forecast unchanged at 6 million barrels per day and didn't make any policy recommendations.

Additionally, OPEC+ sources told Reuters that the Joint Ministerial Monitoring Committee (JMMC) got postponed to July 1 from June 30.

Meanwhile, India's oil minister noted the fuel demand is expected to recover to pre-pandemic levels by the end of the year. Later in the session, the American Petroleum Institute will release the Weekly Crude Oil Stock data. 

Oil: The threat of further increases in supply is likely to limit further gains – Deutsche Bank.

Technical levels to watch for