Crude Oil Price News and Forecast: WTI Oversold RSI can stop bears targeting 61.8% Fibonacci
|OPEC considers deeper oil cuts amid virus market meltdown
An OPEC source told S&P Global Platts late Monday that the Organization of Petroleum Exporting Countries (OPEC) is reportedly considering extending the ongoing production cuts or even deepening them to stem the excessive oil price declines due to the China coronavirus outbreak, as cited by oilprice.com.
The ministers of the OPEC+ coalition are in discussion to closely watch the market and get ready “to do anything if there is a need for it, the source said.
WTI Price Analysis: Oversold RSI can stop bears targeting 61.8% Fibonacci
WTI bears catch a breath as the quote flashes $53.00 during the initial trading session on Tuesday. The energy benchmark recently dropped to the lowest since October and is declining towards 61.8% Fibonacci retracement of its upside from December 2018 to April 2019.
Even so, overbought conditions of RSI can help repeat the bounces off $51.60 key Fibonacci level, if not then $50.00 could try disappointing the sellers. In a case where the black gold continues to linger beneath $50.00, high marked on December 26, 2018, near $47.00 will be in the spotlight.
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