WTI keeps the daily range above $45.00

Prices of the WTI fades the earlier uptick to $45.60.
Pandemic concerns remain despite risk-on mood.
The OPEC+ is expected to meet on Monday/Tuesday.

Pablo Piovano FXStreet

Prices of the West Texas Intermediate resume the upside on Friday, managing to reverse an early drop to the $44.50 region.

WTI focused on OPEC+ meeting

Crude oil prices regained the composure following Thursday’s pullback, although demand concerns on the back of the unabated pandemic keep weighing on traders’ sentiment.

In fact, these worries have been offsetting the optimism in the markets following recent news of COVID-19 vaccines and sparked some caution among investors.

Moving forward, the OPEC+ will meet on November 30-December 1 with all the attention on the possibility that the cartel could delay its planned increase of oil output originally scheduled for January 2021.

Earlier in the week, both the API and the EIA reported that US crude oil inventories rose by 3.8M barrels and dropped by around 750K barrels, respectively.

Further data on Wednesday saw Baker Hughes’ US oil rig count rising by 10 to 241 active oil rigs.

WTI significant levels

At the moment the barrel of WTI is up 0.56% at $45.23 and faces the next hurdle at $46.24 (monthly high Nov.25) seconded by $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the other hand, a breach of $43.04 (high Nov.11) would aim to $40.12 (weekly low Nov.16) and then $37.09 (low Nov.6).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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