WTI gains ground above $76.50, eyes on US GDP data, OPEC+ meeting

WTI posts a modest recovery near $76.60 on Wednesday.
OPEC+ is expected to extend or deepen supply cuts until next year.
A major storm in the Black Sea area has interrupted oil exports from Kazakhstan and Russia, up to 2 million bpd.
Traders will monitor the US GDP data for fresh impetus.

Lallalit Srijandorn FXStreet

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $76.60 so far on Wednesday. The recovery of WTI prices is bolstered by the possibility that OPEC+ will cut production and the weaker US Dollar (USD).

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will meet on Thursday to discuss supply cuts. Saudi Arabia, the world's major oil exporter, is expected to extend oil supply cuts by 1 million barrels a day until next year, while Russia might consider further supply cuts with its 300,000 barrels per day. If OPEC+ agrees to extend or deepen supply cuts, this could cap the downside of WTI prices.

Furthermore, traders are worried about supply disruptions from Kazakhstan. That being said, a major storm in the Black Sea area has interrupted oil exports from Kazakhstan and Russia, up to 2 million barrels per day (bpd).

Meanwhile, the softer US Dollar might benefit the USD-denominated WTI prices. However, traders will take more cues from the US Gross Domestic Product Annualized for the third quarter (Q3) on Wednesday, which is expected to expand 5.0%. The weaker-than-expected data could raise concern about the world’s largest economic outlook and weigh on WTI prices. 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 price	76.62
Today Daily Change	0.18
Today Daily Change %	0.24
Today daily open	76.44

Trends
Daily SMA20	77.41
Daily SMA50	82.72
Daily SMA100	82.26
Daily SMA200	77.91

Levels
Previous Daily High	77.06
Previous Daily Low	74.74
Previous Weekly High	78.46
Previous Weekly Low	73.85
Previous Monthly High	90.88
Previous Monthly Low	80.52
Daily Fibonacci 38.2%	76.18
Daily Fibonacci 61.8%	75.63
Daily Pivot Point S1	75.1
Daily Pivot Point S2	73.76
Daily Pivot Point S3	72.77
Daily Pivot Point R1	77.42
Daily Pivot Point R2	78.41
Daily Pivot Point R3	79.75

Author

Lallalit Srijandorn

FXStreet

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.

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