WTI jumps to fresh multi-year highs above $75 on OPEC headlines

Oil prices surge higher on latest OPEC headlines.
OPEC+ reportedly looks to ease output cuts by around 2 million barrels per day until end of year.
Producers are expected to debate extension to output curbs until end of 2022.

Eren Sengezer FXStreet

Crude oil prices are surging higher on Thursday as investors react to the most recent OPEC+ headlines as the highly-anticipated meeting goes underway. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level since October 2018 at $75.60, rising nearly 3% on a daily basis.

Earlier in the day, Reuters reported that OPEC+ was looking to ease output cuts by around 400,000 barrels per day from August to December, bringing the total reduction to 2 million barrels per day by the end of the year. Russia and Saudi Arabia have reportedly reached a preliminary deal on the output strategy as well.

Moreover, OPEC+ sources told Reuters that producers will be debating an extension to oil output curbs until the end of 2022.

Technical levels to watch for

WTI

Overview
Today last price	75.07
Today Daily Change	1.95
Today Daily Change %	2.67
Today daily open	73.12

Trends
Daily SMA20	71.42
Daily SMA50	67.5
Daily SMA100	64.49
Daily SMA200	55.02

Levels
Previous Daily High	73.8
Previous Daily Low	72.48
Previous Weekly High	74.05
Previous Weekly Low	70.69
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	72.98
Daily Fibonacci 61.8%	73.3
Daily Pivot Point S1	72.46
Daily Pivot Point S2	71.81
Daily Pivot Point S3	71.14
Daily Pivot Point R1	73.79
Daily Pivot Point R2	74.46
Daily Pivot Point R3	75.11

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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