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

FXStreet Team FXStreet

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.

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

Author

FXStreet Team

FXStreet

EUR/USD looks apathetic around 1.1770

EUR/USD comes under renewed pressure on Tuesday, deflating below the 1.1800 support and reversing two consecutive days of gains. The pair’s decline follows the persistent move higher in the US Dollar, as trade uncertainty dominates the sentiment ahead of President Trump’s SOTU speech.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Crypto Today: Bitcoin, Ethereum, XRP come under renewed pressure amid ETF outflows, tariff uncertainty

Bitcoin, Ethereum and Ripple are trading under increasing selling pressure at the time of writing on Tuesday, as market participants navigate renewed tariff uncertainty. The Crypto King holds above $63,000, down 2% intraday from its $64,656 open.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.