- Oil prices sold-off into talks of smaller-than-expected OPEC output cuts, risk-aversion.
- All eyes on the outcome of OPEC+ Vienna meeting and EIA crude fuel stockpiles.
WTI (oil futures on NYMEX) changed course and dropped more than $ 2 to hit fresh four-day lows just under the 51 handle, as the bears fought back control amid increased talks among the OPEC members of a smaller-than-expected output cut. The OPEC members are calling for a 1 million barrels per day (bpd) of output cuts as against the 1.3 million bpd cuts called on by Saudi Arabia earlier this week.
Moreover, the recent comments by the Saudi Arabian Energy Minister Al-Falih that no agreement is reached yet on the output cuts also added to the weight on the black gold. Further, the barrel of WTI also remains pressured by the risk-off trades on the European equity markets, as fresh US-China spat over the Chinese company, Huawei, CFO Meng dampens the overall market sentiment.
The updates from the OPEC meeting and its outcome on the output policy will dominate the oil-price movements in the day while the official US Government fuel stocks data published by the EIA could also offer some incentives to the oil traders.
WTI Technical Levels
WTI
Overview:
Today Last Price: 51.37
Today Daily change: -1.3e+2 pips
Today Daily change %: -2.45%
Today Daily Open: 52.66
Trends:
Previous Daily SMA20: 53.48
Previous Daily SMA50: 61.42
Previous Daily SMA100: 65.63
Previous Daily SMA200: 67.31
Levels:
Previous Daily High: 53.19
Previous Daily Low: 52.58
Previous Weekly High: 52.13
Previous Weekly Low: 49.64
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 52.81
Previous Daily Fibonacci 61.8%: 52.96
Previous Daily Pivot Point S1: 52.43
Previous Daily Pivot Point S2: 52.2
Previous Daily Pivot Point S3: 51.82
Previous Daily Pivot Point R1: 53.04
Previous Daily Pivot Point R2: 53.42
Previous Daily Pivot Point R3: 53.65
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
The Federal Reserve lowered its rates by 50 bps - LIVE
The Federal Reserve reduced its Fed Fund Target Range (FFTR) by 50 bps to 4.75%-5.00% amidst a divided consensus at its gathering on Wednesday.
EUR/USD climbs to daily highs near 1.1180 following the Fed’s decision
EUR/USD now picks up extra pace and revisits the 1.1180 region after the Federal Reserve decided to cut its interest rates by 50 bps at its event on Wednesday.
GBP/USD hits fresh tops near 1.3300 on weaker Dollar
The Greenback is now accelerating its decline following the Fed’s decision to reduce its interest rates, sending GBP/USD to fresh tops in the 1.3290 zone.
Gold clinches a record high near $2,600 ahead of Powell
Prices of Gold gather extra steam and hit an all-time top near the $2,600 mark per ounce troy as investors continue to assess the 50 bps rate cut by the Federal Reseve and warm up for the usual press conference by Chief Jerome Powell.
Federal Reserve set for first interest-rate reduction in four years amid growing bets of jumbo cut
The Federal Reserve is widely expected to lower the policy rate after the September meeting. The revised Summary of Economic Projections and Fed Chairman Powell’s remarks could provide important clues about the rate outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.