WTI in the red around $45 as OPEC+ seen gradually raising oil output

Dhwani Mehta FXStreet

The producers comprising of the OPEC and its allies (OPEC+) are likely to discuss whether to extend current oil output cuts by three to four months or to gradually hike production from January, as they commence its two-day meeting on Monday, Reuters reports, citing the OPEC+ sources.

Sources said: “OPEC+ is now considering extending the existing cuts of 7.7 million bpd, about 8% of global demand, into the first months of 2021.”

“Today meeting will be difficult, especially if Russia and Kazakhstan didn’t change their position,” a source said.

The informal discussions by the OPEC+ over the weekend failed to materialize, as they failed to find a consensus on oil output policy for 2021.

WTI cautious around $45

With a hike in oil output also being considered as an option in the OPEC+ meeting, the WTI barrel remains under pressure around $45, losing nearly 1.5% on the day.

The black gold is on track to book a 20% monthly gain this month, having rallied to eight-month highs of $46.24 last week.

WTI: Technical levels

WTI

Overview
Today last price	45.01
Today Daily Change	-0.71
Today Daily Change %	-1.55
Today daily open	45.72

Trends
Daily SMA20	41.5
Daily SMA50	40.43
Daily SMA100	40.84
Daily SMA200	36.82

Levels
Previous Daily High	45.74
Previous Daily Low	44.63
Previous Weekly High	46.31
Previous Weekly Low	42.34
Previous Monthly High	41.93
Previous Monthly Low	35.08
Daily Fibonacci 38.2%	45.32
Daily Fibonacci 61.8%	45.05
Daily Pivot Point S1	44.99
Daily Pivot Point S2	44.25
Daily Pivot Point S3	43.88
Daily Pivot Point R1	46.1
Daily Pivot Point R2	46.48
Daily Pivot Point R3	47.21

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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