WTI traders take intermediate clues from US-China tension ahead of OPEC+ meeting
WTI has been dropping to the intra-day low of $58.07 by the press time of early Friday in Asia. The energy benchmark seems to have negatively affected by the sluggish demand outlook due to the US-China tussle. Though, traders are more concerned for the next week’s meeting of major oil producers in Vienna.
Geopolitical tension concerning Iran can be considered as a counterforce to the latest tension between the United States (US) and China. Iran’s protests, even after turning softer, still give troubles to the policymakers and they blame the US for that, as per the UK Express. Read more”¦
WTI: Choppy around $58 amid slow Black Friday trading
WTI (oil futures on NYMEX) continues to fluctuate between gains and losses so far this Black Friday, as the sentiment remains mixed amid holiday-mode thin trading and ahead of the key OPEC+ meeting scheduled next week.
The black gold lacks directional bias at the moment, with the buyers somewhat hopeful about the output cuts being extended into the next year, when the OPEC and its allies (OPEC+) meet in Vienna on Dec. Read more…
WTI Levels to watch
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