WTI finishes the week nearly 1% higher, holds above $61 after OPEC+ output policy

WTI rallies nearly 4% on Thursday after the OPEC+ meeting.
OPEC+ agreed to a gradual oil output increase in May and June.
OPEC+ dour outlook on the global oil demand limits the gains.

Dhwani Mehta FXStreet

WTI (futures on NYMEX) experienced a volatile week before the oil output policy decision from OPEC and its allies (OPEC+) revived the optimism.

The OPEC+ reached an agreement to gradually ease the production cuts, by increasing output by 350,000 barrels per day (bpd) in May, 350,000 bpd in June and 400,000 bpd in July.

The black gold rallied as much as 4% on Thursday, in a positive response to the OPEC+ outcome. The sell-off in the US dollar, driven by the tumbling Treasury yields, also collaborated with the upbeat momentum in the dollar-denominated oil.

However, the US oil settled the week at $61.30, higher by only 1%, as the new wave of the coronavirus and fresh lockdowns worldwide cast a dark cloud on the global economic recovery.

Further, the OPEC+ downward revision to the global oil demand forecast for this year by 300,000 bpd also limited the upside in the WTI barrel. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said the market's recovery was "far from complete."

Meanwhile, the number of active oil rigs in the US rose to 337 from 324 last week, which could have contributed to the pullback in the commodity.

WTI technical levels to watch

WTI

Overview
Today last price	61.29
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	61.29

Trends
Daily SMA20	62.42
Daily SMA50	59.78
Daily SMA100	53.69
Daily SMA200	47.1

Levels
Previous Daily High	61.74
Previous Daily Low	58.9
Previous Weekly High	62.02
Previous Weekly Low	57.27
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	60.66
Daily Fibonacci 61.8%	59.99
Daily Pivot Point S1	59.54
Daily Pivot Point S2	57.8
Daily Pivot Point S3	56.7
Daily Pivot Point R1	62.39
Daily Pivot Point R2	63.49
Daily Pivot Point R3	65.23

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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