Crude Oil Price News and Forecast: WTI fell from around USD 58.59 to a low of USD 57.91


WTI & Brent take a dive as Saudi Arabia threaten to boost oil production

It has been reported that Saudi Arabia are threatening to boost oil production unilaterally if some OPEC nations continue to defy the group’s output curbs, cartel officials say. (WSJ).

Leading into the OPEC meeting things were on the up as both API and DoE's produced a draw this week. There was also talk of not only extending the production cuts but making them deeper too. 

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U.S. Oil Prices Outlook. December 2019

2019 oil prices were in line with our baseline scenario. OPEC is discussing whether to extend its production quota. U.S oil production will expand further, albeit at a slower pace.

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WTI

Overview
Today last price 58.44
Today Daily Change 2.08
Today Daily Change % 3.69
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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WTI once again breaks $40 per barrel after trading lower in early EU trade

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