- Prices of the WTI have resumed the upside and regain the $53.00 mark.
- Attention on OPEC+ meeting starting on Thursday.
- EIA weekly report postponed for tomorrow.
Prices of the barrel of WTI are reverting Tuesday’s drop and have now retaken the key $53.00 mark and above.
WTI focused on OPEC+ meeting
The barrel of the West Texas Intermediate remains sidelined in the upper end of the weekly range at/above the $53.00 mark while traders stay vigilant on the imminent OPEC meeting on December 6-7 in Vienna.
The cautious tone is expected to prevail in the very near term as speculations over the likelihood of fresh output cuts continue to grow despite Saudi Arabia is trying to convince Russia to join the rest of the members who favour production cuts.
On the other side, President Trump continues to exert pressure on oil markets, always advocating for lower prices and of course reinforcing his position against any curb in oil production.
Moving forward, and apart from the OPEC meeting, the EIA will publish its weekly report on US crude oil supplies on Thursday. The API reported late on Tuesday a 5.360 build in US inventories during last week.
WTI significant levels
At the moment the barrel of WTI is up 1.66% at $53.38 facing the next hurdle at $54.45 (high Dec.4) seconded by $54.79 (21-day SMA) and finally $57.94 (high Nov.16). On the flip side, a break below $51.97 (10-day SMA) would aim for $49.34 (2018 low Nov.28) and then $48.92 (monthly low Oct.6 2017).
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