- Oil prices remain under bearish pressure as OPEC threats to production keep prices buoyed, but fail to spark a lift.
- US oversupply is hitting crude barrels hard, with American barrel counts hitting their highest since December of 2017.
Crude markets remain slung across the middle as Thursday saw constrained action, and US crude barrels have formed an inside day on unenthusiastic market flows.
US crude supplies have increased to their largest peak since last December, keeping the weight around WTI’s ankles well-tied, though a weaker US Dollar is seeing prices get supported,alongside threats from OPEC to slash supply.
According to Tamas Varga, an analyst with the PVM brokerage, stated that, “The question is what OPEC will do in December, will they cut, and if so, by how much?” Rumours and early reporting placed OPEC’s threatened production cut amounting to 1.8 million barrels into December, but firmer details will surely be expected from OPEC upcoming December tabling.
WTI Technical Levels
WTI
Overview:
Last Price: 54.02
Daily change: -60 pips
Daily change: -1.10%
Daily Open: 54.62
Trends:
Daily SMA20: 59.74
Daily SMA50: 66.72
Daily SMA100: 67.61
Daily SMA200: 68.09
Levels:
Daily High: 54.73
Daily Low: 54.58
Weekly High: 60.93
Weekly Low: 55.21
Monthly High: 76.25
Monthly Low: 64.86
Daily Fibonacci 38.2%: 54.67
Daily Fibonacci 61.8%: 54.64
Daily Pivot Point S1: 54.56
Daily Pivot Point S2: 54.49
Daily Pivot Point S3: 54.41
Daily Pivot Point R1: 54.71
Daily Pivot Point R2: 54.79
Daily Pivot Point R3: 54.86
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