Oil looking for Monday lift, WTI ticking over $52.50

Barrel traders looking for a continued bull run on planned OPEC production cuts.
US oil markets will not be taking part in planned production decreases, easing upside price pressures in WTI.

Joshua Gibson FXStreet

Crude oil prices are seeing limited gains in early Monday action, extending last Friday's gains following OPEC+'s announcement that the oil cartel would begin cutting production in 2019.

On Friday it was announced that OPEC and non-affiliated countries (largely Russia) would be cutting crude production by 1.2 million barrels beginning in January. WTI swung to a peak of 54.10 on the news before falling back into the 52.00 range with the US crude industry opting to not take part in the cuts.

Despite the proposed cuts, oil price forecasts remain on the down side, and analysts at Bernstein Energy are cutting their crude oil demand expectations, from 1.5 million barrels per day down to 1.3 bpd for 2019, and growing fears of a global growth slowdown are further keeping crude costs on the low end.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 52.52
    Today Daily change: 14 pips
    Today Daily change %: 0.267%
    Today Daily Open: 52.38
Trends:
    Previous Daily SMA20: 52.88
    Previous Daily SMA50: 60.18
    Previous Daily SMA100: 65.17
    Previous Daily SMA200: 67.08
Levels:
    Previous Daily High: 52.55
    Previous Daily Low: 52.13
    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%: 52.39
    Previous Daily Fibonacci 61.8%: 52.29
    Previous Daily Pivot Point S1: 52.16
    Previous Daily Pivot Point S2: 51.93
    Previous Daily Pivot Point S3: 51.74
    Previous Daily Pivot Point R1: 52.58
    Previous Daily Pivot Point R2: 52.77
    Previous Daily Pivot Point R3: 53

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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