WTI trims losses, re-takes $ 53 as focus shifts to OPEC+ meeting
|- Increased odds of OPEC output cuts, a shutdown of Libyan ports and USD retreat trigger a bounce in oil.
- All eyes on US EIA fuel stocks, Dec 6th OPEC+ Vienna meeting for fresh moves.
WTI (oil futures on NYMEX) stalled its overnight declines and reverted to test the 53 handle amid increased expectations of the OPEC output cuts following the reports that Saudi Arabian and Russian Energy Chiefs will meet prior to the OPEC meeting.
More so, broad-based US dollar retreat combined with fresh supply disruption concerns amid a shutdown of the Libyan ports collaborated to the latest leg up in the black gold. According to the Libyan National Oil Company (NOC), “bad weather has shut all Libya ports, storage capacity at Zawiya refinery is critical; production could be cut on Thursday.”
The barrel of WTI fell earlier today, as the bulls were pressured by the negative API fuel stocks report and global economic slowdown concerns. The latest API data showed that the US crude inventories rose by 5.4 million barrels in the week to Nov. 30, to 448 million barrels, in a sign that US oil markets are in a growing glut, Reuters reports.
Markets now look forward to the official US government oil production and inventory data that is slated for release tomorrow and the much-awaited outcome of the OPEC+ meeting for the next direction on the prices.
WTI Technical Levels
WTI
Overview:
Today Last Price: 52.95
Today Daily change: 19 pips
Today Daily change %: 0.360%
Today Daily Open: 52.76
Trends:
Previous Daily SMA20: 53.8
Previous Daily SMA50: 61.86
Previous Daily SMA100: 65.78
Previous Daily SMA200: 67.38
Levels:
Previous Daily High: 52.8
Previous Daily Low: 52.61
Previous Weekly High: 52.13
Previous Weekly Low: 49.64
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 52.73
Previous Daily Fibonacci 61.8%: 52.68
Previous Daily Pivot Point S1: 52.65
Previous Daily Pivot Point S2: 52.53
Previous Daily Pivot Point S3: 52.46
Previous Daily Pivot Point R1: 52.84
Previous Daily Pivot Point R2: 52.91
Previous Daily Pivot Point R3: 53.03
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