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  • Crude barrels holding steady as investors ease up for now.
  • Middle East mentions of production cuts have taken a serious turn.

Crude oil markets have found themselves largely flat this week, with oil prices fresh off of a seven-week bearish snap, and barrels could  see the week closing up, or at the very least, flat for the first time in eight weeks.

US, Saudi, and Russian oil production levels all remain near record highs, threatening to continue piling into already-bursting supply lines, suppressing oil prices as everybody tries to pump the most oil out of the ground.

Saudi Arabia recently tried to lead a charge into the next OPEC meeting of everyone banding together and heading off production levels in an effort to counteract collapsing oil prices, but Russia and other key oil allies have failed to dedicate to Saudi Arabia’s plan of constraining production unilaterally, causing Saudi Arabia to withdraw their initial claims of drawing down no matter the costNikkei

WTI Technical Levels

WTI

Overview:
       Today Last Price:  51.41
       Today Daily change:  4.0  pips
       Today Daily change %:  0.0779%
       Today Daily Open:  51.37
Trends:
       Previous Daily SMA20:  55.49
       Previous Daily SMA50:  63.66
       Previous Daily SMA100:  66.4
       Previous Daily SMA200:  67.68
Levels:
       Previous Daily High:  51.38
       Previous Daily Low:  51.2
       Previous Weekly High:  57.42
       Previous Weekly Low:  50.13
       Previous Monthly High:  76.25
       Previous Monthly Low:  64.86
       Previous Daily Fibonacci 38.2%:  51.31
       Previous Daily Fibonacci 61.8%:  51.27
       Previous Daily Pivot Point S1:  51.25
       Previous Daily Pivot Point S2:  51.14
       Previous Daily Pivot Point S3:  51.07
       Previous Daily Pivot Point R1:  51.43
       Previous Daily Pivot Point R2:  51.5
       Previous Daily Pivot Point R3:  51.61