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.

Rajan Dhall, MSTA FX Daily

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.

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

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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