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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.