Crude Oil Price News and Forecast: WTI - Concerns of deeper OPEC+ output cut help extend recovery


Brent Technical Analysis: Up 0.5%, focus on today's close

Brent oil is currently trading at $61.28 per barrel, representing a 0.5% gain on the day. The black gold charted a Doji candle on Tuesday, signaling indecision in the market place.

The indecisive price action has neutralized the bearish view put forward by Friday's downside break of the trendline connecting the Oct. 3 and Nov. 1 lows.

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WTI: Concerns of deeper OPEC+ output cut, upbeat API data help extend latest recovery

WTI remains positive while taking rounds to $56.50 during the early Asian trading session on Wednesday. The energy benchmark follows the two-day-old recovery amid rising concerns of deeper production cuts by the global oil suppliers and upbeat private inventory data.

The American Petroleum Institute’s (API) Weekly Crude Oil Stock survey for the period ended on November 29 showed that the United States (US) oil inventories dropped -3.72 million barrels versus the previous readouts of 3.64 million barrels.

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WTI

Overview
Today last price 56.57
Today Daily Change 0.21
Today Daily Change % 0.37
Today daily open 56.36
 
Trends
Daily SMA20 57.19
Daily SMA50 55.65
Daily SMA100 55.83
Daily SMA200 57.64
 
Levels
Previous Daily High 56.85
Previous Daily Low 55.41
Previous Weekly High 58.72
Previous Weekly Low 55.07
Previous Monthly High 58.76
Previous Monthly Low 54.12
Daily Fibonacci 38.2% 56.3
Daily Fibonacci 61.8% 55.96
Daily Pivot Point S1 55.56
Daily Pivot Point S2 54.77
Daily Pivot Point S3 54.12
Daily Pivot Point R1 57
Daily Pivot Point R2 57.65
Daily Pivot Point R3 58.44

 

 

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