Oil continuing its familiar sideways pattern, WTI getting comfy near $52.00

Crude has gone flat on the charts as WTI cycles 52/barrel.
Broader energies markets will be waiting for OPEC+ to begin cutting production in January.

Joshua Gibson FXStreet

WTI continues to cycle the handle near 52.00, as recent market fundamentals have seen crude barrels get hung up on this week's consolidation, which carried over from last Friday's lows near 49.30, and expectations that US production will continue to hold near all-time highs, while the OPEC+ conglomerate gears up for 2019 production cuts to the tune of 1.2 million barrels per day.

US crude oil markets remain firmly in production mode, with US crude supplies steadily pinned into record numbers, and sluggish rising demand for energies products is seeing crude barrels remaining constrained on the low end of prices. Tensions continue to flare in the Middle East following the capture of an oilfield by Libyan rebels earlier this week, but crude costs are remaining where they are for the time being.

WTI levels to watch

WTI

Overview:
    Today Last Price: 52.14
    Today Daily change: 12 pips
    Today Daily change %: 0.231%
    Today Daily Open: 52.02
Trends:
    Previous Daily SMA20: 52.32
    Previous Daily SMA50: 59.36
    Previous Daily SMA100: 64.89
    Previous Daily SMA200: 66.91
Levels:
    Previous Daily High: 52.06
    Previous Daily Low: 51.89
    Previous Weekly High: 54.2
    Previous Weekly Low: 50.57
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 52
    Previous Daily Fibonacci 61.8%: 51.95
    Previous Daily Pivot Point S1: 51.92
    Previous Daily Pivot Point S2: 51.82
    Previous Daily Pivot Point S3: 51.75
    Previous Daily Pivot Point R1: 52.09
    Previous Daily Pivot Point R2: 52.16
    Previous Daily Pivot Point R3: 52.26

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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