WTI turned south after climbing higher toward $40. OPEC+ is expected to keep oil output steady. Crude oil prices surged higher on the first trading day of 2021 and the barrel of West Texas Intermediate (WTI) touched its highest level in more than 10 months at $49.80. However, the WTI reversed its direction ahead of the American session and last seen posting small daily gains at $48.25. Eyes on OPEC Reports suggesting that OPEC and non-OPEC producers are likely to keep the oil output unchanged despite the fact that Russia has been advocating for 500,000 barrels per day (bpd) increase in February, helped oil push higher on Monday. In December, producers have agreed to ramp up the output by 500,000 bpd in January but renewed concerns over the negative impact of rising coronavirus infections on energy demand seem to be forcing producers to take a cautious stance. Earlier in the day, British Prime Minister Boris Johnson noted that they will have to take additional measure to limit the spread of the new coronavirus. Furthermore, Germany will reportedly extend the current lockdown for two weeks, until the end of January. On Sunday, OPEC Secretary-General Mohammad Barkindo said that they are expecting the global crude oil demand to rise by 5.9 million bpd in 2021 to 95.9 million bpd. Investors are waiting for the statement that will come out of the OPEC+ meeting later in the day. Technical levels to watch for 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 EUR/USD Price Analysis: Extra gains seen testing 1.2400 and beyond FX Street 1 year WTI turned south after climbing higher toward $40. OPEC+ is expected to keep oil output steady. Crude oil prices surged higher on the first trading day of 2021 and the barrel of West Texas Intermediate (WTI) touched its highest level in more than 10 months at $49.80. However, the WTI reversed its direction ahead of the American session and last seen posting small daily gains at $48.25. Eyes on OPEC Reports suggesting that OPEC and non-OPEC producers are likely to keep the oil output unchanged despite the fact that Russia has been advocating for 500,000 barrels per day (bpd) increase… 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.