Share:

WTI oil price rose above $79 for the first time in two weeks on Thursday, as fresh bullish acceleration extends into third consecutive day.

The OPEC+ decided to extend its supply cuts in 2024, as the cartel met today, after meeting scheduled for Nov 26 was postponed, adding support to oil price.

The top world oil producers agreed preliminary cut of over 1 million barrels per day, including Saudi Arabia extending the voluntary cut since July, with smaller contribution from other members.

The OPEC+ members also discussed potential bigger cuts in 2024, with extension to 2 million barrels per day being on the table.

Tighter oil market will offer fresh support to oil and continue to underpin the price in coming months.

Today’s acceleration broke above significant barrier at $78.04 (200DMA) and cracked daily Kijun-sen ($79.12) increasing pressure on psychological $80 resistance.

Expect initial bullish signal on close above 200DMA, which reverted to solid support, with extension through $80 and $81 pivots (psychological / Fibo 38.2% of $95.00/$72.36) to further strengthen bullish structure and open way for further advance.

Improving daily technical studies add to positive near-term outlook, though bulls may face headwinds at $80 zone and enter consolidation before resuming.

Bullish bias expected to remain intact above 200DMA, while fall below converging 20/10DMA’s ($77.07/$76.78) would neutralize bulls.


Res: 79.57; 80.00; 81.00; 81.52


Sup: 78.07; 77.70; 76.78; 74.04

 

OIL

Interested in WTI technicals? Check out the key levels

    1. R3 81.07
    2. R2 79.6
    3. R1 78.7
  1. PP 77.23
    1. S1 76.33
    2. S2 74.86
    3. S3 73.96

 

Share: Feed news

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

EUR/USD rises toward 1.0850 after hot French, Spanish inflation data

EUR/USD rises toward 1.0850 after hot French, Spanish inflation data

EUR/USD is picking up fresh bids, approaching 1.0850 in the European session on Thursday. The pair regains upside traction after hot French and Spanish inflation data amid broad US Dollar weakness. All eyes remain on key inflation data from Germany and the US. 

EUR/USD News

GBP/USD holds ground above 1.2650, awaits US PCE inflation data

GBP/USD holds ground above 1.2650, awaits US PCE inflation data

GBP/USD is holding ground above 1.2650 in the European trading hours on Thursday, as the US Dollar remains on the back foot amid a better mood and sustained USD/JPY sell-off. The focus shifts to the US PCE inflation data for fresh USD price action. 

GBP/USD News

Gold price consolidates as focus remains on US core PCE Price Index

Gold price consolidates as focus remains on US core PCE Price Index

Gold price awaits the US core PCE Price Index data for a decisive move. The underlying inflation data will sharpen the interest rate outlook. Fed’s Collins expects the Fed’s path to 2% inflation will be bumpy.

Gold News

XRP price surges to $0.58 amidst allegations of price manipulation by Ripple using bots

XRP price surges to $0.58 amidst allegations of price manipulation by Ripple using bots

XRP price continued its rally towards the $0.64 target on Thursday. The altcoin climbed to $0.58, sustained above key support at $0.55, maintaining its uptrend.

Read more

Canada GDP Preview: Economy expected to have resumed expansion in Q4

Canada GDP Preview: Economy expected to have resumed expansion in Q4

Following the annualized 1.1% contraction recorded in Q3 2023, the Canadian economy is predicted to have performed very well in the latter part of last year, growing by 0.8% and prompting the BoC to maintain its prudent monetary policy stance.

Read more

Majors

Cryptocurrencies

Signatures