WTI has dropped 0.82% on Friday after the excitement on Thursday. The commodity looks set to close the week almost 9% higher. WTI 1-hour chart WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. This means the output cuts will remain in place till December. Interestingly the Saudi Arabia’s energy minister went on the offensive, warning traders against heavily betting in the oil market, promising that those who gamble on prices will be hurt “like hell.”. Make of that what you will. Looking at the price action, since the price broke the triangle at the bottom of the chart there was a price rise to USD 41.44 per barrel. It was at this point the price bounced between two previously used levels at USD 40.50 and USD 41.44 per barrel. Moving forward, if the red support breaks there could be a move to the black support line near USD 39.50 per barrel but as the recent news has been positive, there could be a bounce at these support levels to the upside. The indicators had been positive and are in a retracement phase. The Relative Strength Index is making a bullish failure swing pattern. This is when the price waves make a higher low and the indicators waves make a lower low. It is normally a trend continuation pattern and for confirmation look for a break of USD 41.59 per barrel. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Palm Beach Confidential releases new report highlighting Maker, Enjin Coin, and Numeraire FX Street 2 years WTI has dropped 0.82% on Friday after the excitement on Thursday. The commodity looks set to close the week almost 9% higher. WTI 1-hour chart WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. This means the output cuts will remain in place till December. Interestingly the Saudi Arabia's energy minister went on the offensive, warning traders against heavily betting in the oil market, promising that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.