WTI jumps beyond $60 mark as OPEC+ hesitates between output cuts rollover and increase

Dhwani Mehta FXStreet

A debate is rife on the table for the OPEC and allies (OPEC+), as they are likely to discuss whether to roll over the current oil output cuts in May and beyond or go for a gradual increase of production, Reuters reports, citing three sources familiar with the matter.

According to the sources, there could be a proposal for a gradual increase in output up to 500k bpd in May and June.

On Wednesday, a report from the group’s experts panel meeting, citing that OPEC+ is worried about the demand recovery for oil due to rising coronavirus infections and lockdown measures worldwide.

WTI recaptures the $60 mark

WTI caught a fresh bid-wave and spiked to daily highs of $60.65 on the OPEC+ headlines.

The quick move higher soon fizzled out, as the US oil now trades at $60.20, adding 1.80% on the day, eagerly awaiting the outcome of the OPEC+ meeting.

WTI technical levels

WTI

Overview
Today last price	60.18
Today Daily Change	0.72
Today Daily Change %	1.21
Today daily open	59.45

Trends
Daily SMA20	62.56
Daily SMA50	59.61
Daily SMA100	53.49
Daily SMA200	46.99

Levels
Previous Daily High	61.17
Previous Daily Low	58.88
Previous Weekly High	62.02
Previous Weekly Low	57.27
Previous Monthly High	67.87
Previous Monthly Low	57.27
Daily Fibonacci 38.2%	59.75
Daily Fibonacci 61.8%	60.29
Daily Pivot Point S1	58.49
Daily Pivot Point S2	57.54
Daily Pivot Point S3	56.2
Daily Pivot Point R1	60.79
Daily Pivot Point R2	62.13
Daily Pivot Point R3	63.08

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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