Oil markets fall as it is reported that OPEC+ members are not looking for another production cut


  • Bloomberg have reported that the biggest OPEC+ members are not looking for another production cut.
  • WTI fell from the USD 57.43 per barrel resistance level after the news.

Brent and WTI are nursing wounds this afternoon as it emerges that some OPEC+ members are not looking for another OPEC production cut.

It was reported earlier in the week that Saudi Arabia wanted OPEC member to further adhere to current commitments rather than cut production again.

It is not clear which member of the OPEC+ cartel the report is talking about but it has had an effect of the price of both WTI and Brent,

To rub salt into the wounds there was also a larger than expected build in DoE inventory levels today and API inventory levels on Tuesday night.

Oil market analysis

WTI

Overview
Today last price 57.16
Today Daily Change  -0.17
Today Daily Change %  -0.30
Today daily open 57.33
 
Trends
Daily SMA20 54.84
Daily SMA50 55.52
Daily SMA100 56.04
Daily SMA200 57.42
 
Levels
Previous Daily High 57.56
Previous Daily Low 56.36
Previous Weekly High 56.97
Previous Weekly Low 53.77
Previous Monthly High 56.97
Previous Monthly Low 51.19
Daily Fibonacci 38.2% 57.1
Daily Fibonacci 61.8% 56.82
Daily Pivot Point S1 56.61
Daily Pivot Point S2 55.88
Daily Pivot Point S3 55.41
Daily Pivot Point R1 57.81
Daily Pivot Point R2 58.28
Daily Pivot Point R3 59.01

 

 

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