Oil markets restrained, WTI stuck near $51.00
- WTI remains trapped near lows at the $51.00 level as the week moves sideways for crude.
- OPEC's production cuts are largely being viewed as too little, too late.
Crude oil markets saw an attempt to stage a bullish recovery late Monday, but ongoing market pressures and worries of declining demand continue to keep crude barrels in a defensive posture.
Global stock markets remain weak after several rounds of risk-off action sending the world's major bourses skidding into new lows in recent weeks, and OPEC's planned attempt at a reduction in production levels beginning in January are running up against concerns that the 1.2 million barrel per day production decrease won't be enough to stem the tide of crude barrels pouring out of the US, who has opted to not follow suit with OPEC plans of a cut to production caps.
WTI Technical Levels
WTI
Overview:
Today Last Price: 51.17
Today Daily change: 26 pips
Today Daily change %: 0.511%
Today Daily Open: 50.91
Trends:
Previous Daily SMA20: 52.58
Previous Daily SMA50: 59.76
Previous Daily SMA100: 65.03
Previous Daily SMA200: 66.99
Levels:
Previous Daily High: 51.02
Previous Daily Low: 50.88
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%: 50.93
Previous Daily Fibonacci 61.8%: 50.97
Previous Daily Pivot Point S1: 50.85
Previous Daily Pivot Point S2: 50.8
Previous Daily Pivot Point S3: 50.71
Previous Daily Pivot Point R1: 50.99
Previous Daily Pivot Point R2: 51.08
Previous Daily Pivot Point R3: 51.13
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.
