WTI leaps to highs near $54.00 on OPEC deal

  • The barrel of WTI moves higher and tests the $54.00 mark.
  • OPEC decided to curb production by 1.2M barrels.
  • US oil rig count coming up next in the docket.

Crude oil prices are now trading on a firmer note following the OPEC meeting, managing to reclaim the key $54.00 handle.

WTI bid after OPEC cuts deal

Prices of the barrel of WTI have quickly climbed to fresh tops in the $54.00 neighbourhood after OPEC+ members agreed on a 1.2M barrels cut at today’s meeting, with the exemption of Iran, Venezuela and Libya.

In addition, Russia proposes to cut its output 2% from levels recorded in October.

In the meantime, crude oil prices are trading in 2-day tops in the wake of the OPEC news and amidst an offered bias around the buck and the consequent better tone in the risk-associated complex.

WTI significant levels

At the moment the barrel of WTI is up 4.07% at $53.73 facing the next barrier at $54.09 (high Dec.7) followed by $54.45 (high Dec.4) and finally $57.94 (high Nov.16). On the downside, a breach of $50.02 (low Dec.6) would aim for $49.34 (2018 low Nov.28) and then $48.92 (monthly low Oct.6 2017).

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