WTI loses momentum on Thursday, looks to settle near mid-$70s
|- US President Trump tells OPEC to reduce oil prices on Thursday.
- Iran's Zanganeh says Brent at $80 is acceptable.
After rising to its highest level since July 13 at $71.50 on Wednesday, the barrel of West Texas Intermediate reversed its course on Thursday and fell below the $71 mark. As of writing, the barrel of WTI was trading at $70.46, losing 1.35%, or $1, on the day.
Earlier today, the U.S. President Donald Trump criticised the OPEC for keeping oil prices high in a tweet that read: "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!"
Meanwhile, ahead of the OPEC+ meeting in Algiers this weekend, Iran's Oil Minister Zanganeh told reporters that he would veto OPEC decision that would harm Iran's interests and claimed that OPEC+ wouldn't be able to make a decision on oil output quotas in this weekend's meeting. Regarding Brent oil prices, Zanganeh stated that $80 per barrel would be a suitable price.
On Friday, Baker Hughes is going to publish its oil rig count data. The EIA's weekly report yesterday revealed that gasoline production in the U.S. declined slightly while crude oil stocks decreased by 2.1 million barrels.
Technical levels to consider
The initial support for the WTI aligns at $70 (psychological level) ahead of $68.50 (Sep. 18 low) and $67.50 (Sep. 11 low). On the upside, resistances are located at $71.50 (Sep. 19 high), $72.90 (May 22 high) and $74 (Jun. 28 high).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.