WTI firmer, approaches $45.00 ahead of EIA, OPEC+

Prices of the WTI reverses the recent downside and target $45.00.
OPEC+ is expected to decide on the extension of current output cuts.
The EIA’s weekly report on crude oil supplies comes next in the docket.

Pablo Piovano FXStreet

Crude oil prices regain the smile after two daily pullbacks in a row and re-target the key $45.00 mark per barrel.

WTI looks to OPEC+, EIA

Prices of the barrel of the WTI post decent gains on Wednesday and trade closer to the $45.00 yardstick, as traders continue to wait for the OPEC+ to decide whether to extend the ongoing oil output curbs beyond January.

Hopes that the cartel finally delays its plans to gradually increase oil production support the optimism among traders and eclipse Tuesday’s larger-than-expected build in US crude oil stockpiles, as per the API’s report.

In the meantime, market chatter around the likelihood of further easing in the US monetary conditions under the Biden’s administration give some renewed oxygen to the commodity and help mitigate demand concerns stemming from the coronavirus pandemic.

Later in the NA session, the EIA’s report on US crude inventories will take centre stage ahead of Friday’s US oil rig count by driller Baker Hughes.

WTI significant levels

At the moment the barrel of WTI is up 0.90% at $44.78 and faces the next hurdle at $46.24 (monthly high Nov.25) seconded by $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the other hand, a breach of $43.94 (monthly low Dec.2) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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