|

WTI extends its upside around $77.50 on the hope for OPEC supply cuts

  • WTI prices trade in positive territory for the third consecutive day on Tuesday.
  • Saudi Arabia is planning to prolong oil production cuts of 1 million barrels per day through next year.
  • The concern about a slowing global economy outweighed the prospect of deepening supply cuts by OPEC+.
  • Oil traders will focus on the FOMC Meeting Minutes and US crude oil inventory data.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $77.50 so far on Tuesday. WTI prices extend their upside amid the expectation that OPEC+ is likely to announce further supply cuts following a meeting early next week.

Saudi Arabia, the world's largest oil exporter, is planning to extend oil production cuts by 1 million barrels a day through next year, while OPEC+ considers additional cuts in response to declining prices and rising tensions over the Israel-Hamas conflict. If additional cuts are agreed upon, this could boost WTI prices in the near term.

On the other hand, the concern about a slowing global economy outweighed the prospect of deepening supply cuts by OPEC and its allies, such as Saudi Arabia and Russia. The Conference Board revealed on Monday that the US leading indicator for October fell 0.8% MoM from a 0.7% MoM drop in September. The report suggested that elevated inflation, high interest rates, and contracting consumer spending would push the US economy into a very short recession. This, in turn, might cap the upside of WTI prices.

Oil traders will monitor the Federal Open Market Committee (FOMC) Meeting Minutes on Tuesday, which might offer hints regarding future policy rate direction. Additionally, the US crude oil inventory data, including API Weekly Crude Oil Stock and EIA Crude Oil Stocks Change for the week ending November 17, will be released on Tuesday and Wednesday, respectively. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around WTI prices.

WTI US OIL

Overview
Today last price77.56
Today Daily Change-0.07
Today Daily Change %-0.09
Today daily open77.63
 
Trends
Daily SMA2079.51
Daily SMA5084.32
Daily SMA10082.04
Daily SMA20077.97
 
Levels
Previous Daily High78.46
Previous Daily Low75.68
Previous Weekly High79.66
Previous Weekly Low72.39
Previous Monthly High90.88
Previous Monthly Low80.52
Daily Fibonacci 38.2%77.4
Daily Fibonacci 61.8%76.74
Daily Pivot Point S176.06
Daily Pivot Point S274.48
Daily Pivot Point S373.28
Daily Pivot Point R178.83
Daily Pivot Point R280.03
Daily Pivot Point R381.61

Author

Lallalit Srijandorn

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

More from Lallalit Srijandorn
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD holds above 1.1750 due to cautious trade before FOMC Minutes

EUR/USD holds ground after four days of little losses, trading around 1.1770 during the Asian hours on Tuesday. The pair remains steady as US Dollar moves little amid market caution ahead of the Federal Open Market Committee December Meeting Minutes due later in the day, which could offer insights into the Federal Reserve’s 2026 outlook.

GBP/USD finds key support near 1.35 despite year-end grind

GBP/USD remains bolstered on the high end as markets grind through the last trading week of the year. Cable caught a bullish tilt to keep price action on the high side of the 1.3500 handle, though year-end holiday volumes are unlikely to see significant progress in either direction as 2025 draws to a close.

Gold gains on Fed rate cut bets, safe-haven demand

Gold price edges higher above $4,350 during the Asian trading hours on Tuesday. The precious metal recovers some lost ground after falling 4.5% in the previous session, which was gold's largest single-day loss since October. Increased margin requirements on gold and silver futures by the Chicago Mercantile Exchange Group, one of the world’s largest trading floors for commodities, prompted widespread profit-taking and portfolio rebalancing.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries, adoption of AI and tokenization of Real-World-Assets.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is.  Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).