WTI advances above $58 on hopes of further output cuts

Iraqi Oil Minister says they will lower ouptput to comply with OPEC agreement.
Saudi Arabia's new Energy Minister voices support for further supply cuts.
Coming up: API's weekly crude oil inventory report.

Eren Sengezer FXStreet

Crude oil preserved its bullish momentum and extending its rally into a fifth straight trading day with the barrel of West Texas Intermediate rising to its highest level since late July at $58.74. As of writing, the WTI was trading at $58.25, adding 0.4% on a daily basis.

Output cut expectations lift WTI higher this week

On Monday, Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia's policy with regard to oil output cuts will not change during this term and added that he was expecting the OPEC+ alliance to remain in place for the long-term.

Today, Iraqi Oil Minister Thamer Ghadhban told CNBC that they will reduce the oil production to comply with the OPEC agreement and explained that starting this month, they will lower the output down to 80,000 - 85,000 barrels per day from 205,000 to provide an additional boost to crude oil prices.

Later in the day, OPEC Secretary-General Mohammad Barkindo said that they have been "very conservative" with demand forecasts so far to ease concerns over a dismal energy demand outlook and supported today's rally.

Toward the end of the American session today, the American Petroleum Institue (API) will release the weekly crude oil stock report.

Technical levels to watch for

WTI

Overview
Today last price	58.21
Today Daily Change	0.25
Today Daily Change %	0.43
Today daily open	57.96

Trends
Daily SMA20	55.49
Daily SMA50	56.17
Daily SMA100	57.52
Daily SMA200	56.38

Levels
Previous Daily High	58.07
Previous Daily Low	56.52
Previous Weekly High	57.63
Previous Weekly Low	52.77
Previous Monthly High	58.02
Previous Monthly Low	50.51
Daily Fibonacci 38.2%	57.48
Daily Fibonacci 61.8%	57.11
Daily Pivot Point S1	56.96
Daily Pivot Point S2	55.97
Daily Pivot Point S3	55.41
Daily Pivot Point R1	58.51
Daily Pivot Point R2	59.07
Daily Pivot Point R3	60.06

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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