WTI holds steady around $75, OPEC+ decision in focus

WTI sees a quiet start to the week around $75 amid impending OPEC+ outcome.
OPEC+ talks extend into Monday after UAE objected proposed output deal.
Post-NFP USD weakness offers some cushion, as the decision remains in focus.

Dhwani Mehta FXStreet

WTI (futures on Nymex) has reversed a brief dip to $74.75 lows and trades back on the $75 level, posting marginal gains so far this Monday, as all eyes remain on the delayed OPEC and its allies (OPEC+) decision for the next direction.

Investors remain on the edge and refrain from placing any aggressive bets on the black gold after the UAE objected to a consensus reached by the rest of the OPEC+ members to increase oil output by about 2 million barrels a day (bpd) from August to December 2021.

Over the weekend, Saudi Arabia’s Energy Minister pushed back on the UAE’s resistance and called on for ‘compromise and rationality’, as global oil demand is expected to outpace the supply amid economic reopening worldwide.

Meanwhile, the downside in the US oil remains cushioned by the renewed weakness in the US dollar, as investors rethink the Fed’s next monetary policy moves after Friday’s NFP blowout.

Pre-OPEC+ verdict anxiety combined with a rise in the US oil rigs capped the upside in check below $75.50.

WTI technical levels to consider

WTI

Overview
Today last price	75.27
Today Daily Change	0.24
Today Daily Change %	0.32
Today daily open	74.68

Trends
Daily SMA20	71.97
Daily SMA50	68.01
Daily SMA100	64.82
Daily SMA200	55.37

Levels
Previous Daily High	75.07
Previous Daily Low	73.92
Previous Weekly High	75.7
Previous Weekly Low	71.69
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	74.63
Daily Fibonacci 61.8%	74.36
Daily Pivot Point S1	74.04
Daily Pivot Point S2	73.41
Daily Pivot Point S3	72.9
Daily Pivot Point R1	75.19
Daily Pivot Point R2	75.7
Daily Pivot Point R3	76.33

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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