- 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).