|

WTI finds support from more oil cuts by Russia, hovers around $72.10

  • WTI attempts to recover recent losses on Russia’s deepened oil export cuts.
  • Russian Deputy Prime Minister Alexander Novak said that Russia would deepen oil cuts in December by 50,000 bpd.
  • The leading shipping firms to avoid the Suez Canal route as Houthi militants escalated their assaults on commercial vessels.

West Texas Intermediate (WTI) price struggles to regain recent losses, hovering around $72.10 per barrel in the Asian market on Monday. Crude oil prices find support from Russian Deputy Prime Minister Alexander Novak's statement. He mentioned that Russia is considering deepening oil export cuts in December by potentially 50,000 barrels per day (bpd) or more to bolster global oil prices. These additional cuts would go beyond the 300,000 bpd that had already been agreed upon for this year.

In addition, adverse weather conditions in Russia have contributed to the support for Crude oil prices. Moscow suspended approximately two-thirds of loadings from ports. Moreover, the geopolitical situation has provided a boost to oil prices, with concerns rising due to Houthi attacks on ships near Yemen. The attacks have raised worries about potential disruptions in oil supply, leading shipping firms to consider avoiding the Suez Canal as Houthi militants in Yemen escalated their assaults on commercial vessels in the Red Sea.

Moreover, the bullish forecast from the International Energy Agency (IEA) that oil consumption will increase by 1.1 million bpd in 2024 contributed to underpinning the WTI price. On Friday, the data showed that Baker Hughes Rig Counts reduced to 501 from the previous number of 503, which suggests slightly less consumption of products and services produced by the oil service industry.

The US Dollar Index (DXY) has experienced a nearly 4% weakening over the past two months. A further decline could stimulate oil demand from other countries as it becomes more affordable to purchase oil. The recent challenges for the US Dollar stem from dovish comments made by various Federal Reserve officials. Investor attention will now shift to Consumer Confidence and Existing Home Sales Change on Wednesday.

WTI US OIL: Technical levels to watch

Overview
Today last price72.12
Today Daily Change0.11
Today Daily Change %0.15
Today daily open72.01
 
Trends
Daily SMA2073.72
Daily SMA5078.6
Daily SMA10081.62
Daily SMA20077.6
 
Levels
Previous Daily High72.56
Previous Daily Low70.66
Previous Weekly High72.73
Previous Weekly Low67.97
Previous Monthly High83.34
Previous Monthly Low72.39
Daily Fibonacci 38.2%71.39
Daily Fibonacci 61.8%71.83
Daily Pivot Point S170.92
Daily Pivot Point S269.84
Daily Pivot Point S369.02
Daily Pivot Point R172.83
Daily Pivot Point R273.65
Daily Pivot Point R374.73

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

More from Akhtar Faruqui
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 gathers recovery momentum, trades near 1.1750

Following the correction seen in the second half of the previous week, EUR/USD gathers bullish momentum and trades in positive territory near 1.1750. The US Dollar (USD) struggles to attract buyers and supports the pair as investors await Tuesday's GDP data ahead of the Christmas holiday. 

GBP/USD knocks ten-week highs ahead of holiday slowdown

GBP/USD found room on the high side on Monday, kicking off a holiday-shortened trading week with a fresh spat of Greenback weakness, bolstering the Pound Sterling into its highest bids in ten weeks. Pound traders are largely brushing off the latest interest rate cut from the Bank of England as the UK’s central bank policy strategy leaves the water murky for rate-cut watchers.

Gold buying remains unabated; fresh all-time peak and counting

Gold builds on the previous day's blowout rally through the $4,400 mark and continues scaling new record highs through the Asian session on Tuesday. Bets for more interest rate cuts by the US Fed, renewed US Dollar selling bias, and rising geopolitical uncertainties turn out to be key factors driving flows towards the bullion. Traders now look to the delayed release of the revised US Q3 GDP print and US Durable Goods Orders for a fresh impetus.

ETHZilla sells over 24,000 ETH, community reacts to shift away from DAT strategy

Peter Thiel-backed ETHZilla announced it sold 24,291 ETH for ~$74.5 million to redeem outstanding senior secured convertible notes. "We plan to use all, or a significant portion, of the proceeds to fund the redemption," ETHZilla noted in a Monday X post.

Ten questions that matter going into 2026

2026 may be less about a neat “base case” and more about a regime shift—the market can reprice what matters most (growth, inflation, fiscal, geopolitics, concentration). The biggest trap is false comfort: the same trades can look defensive… right up until they become crowded.

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.