WTI loses momentum above $76.00 as OPEC+ delays meeting

WTI prices lose ground near $76.20 amid concern about global crude oil supplies.
OPEC+ unexpectedly delayed a meeting on production cuts from November 25–26 to November 30.
US S&P Global PMI data on Friday will be in the spotlight.

Lallalit Srijandorn FXStreet

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $77.20 so far on Thursday. WTI prices extended their downside as the Organization of Petroleum Exporting Countries and allies (OPEC+) unexpectedly delayed a meeting on production cuts.

Early Thursday, the OPEC Secretariat stated that the OPEC+ meeting on Sunday could be delayed from November 25–26 to November 30, which would drag oil prices lower and raise concerns about global crude oil supplies.

Saudi Arabia, the world's largest oil exporter, is planning to extend oil production cuts by 1 million barrels a day through next year, while OPEC+ members consider additional cuts in response to declining prices. However, the forthcoming meeting was confronted with a difficult market environment, caused by rising tensions over the Israel-Hamas conflict and a slower-than-expected Chinese demand recovery.

Meanwhile, the recovery of the US Dollar (USD) might cap the upside of the oil prices as it makes dollar-denominated oil more expensive to buy the same amount of oil.

The US market is closed for the Thanksgiving Day holiday on Thursday. The attention will shift to the US S&P Global PMI data, due on Friday. The Manufacturing PMI figure is expected to grow to 49.8 while the Services PMI is estimated to rise to 50.4. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around WTI prices.

WTI US OIL

Overview
Today last price	76.22
Today Daily Change	-0.61
Today Daily Change %	-0.79
Today daily open	76.83

Trends
Daily SMA20	78.81
Daily SMA50	83.89
Daily SMA100	82.15
Daily SMA200	77.95

Levels
Previous Daily High	78
Previous Daily Low	73.85
Previous Weekly High	79.66
Previous Weekly Low	72.39
Previous Monthly High	90.88
Previous Monthly Low	80.52
Daily Fibonacci 38.2%	75.43
Daily Fibonacci 61.8%	76.41
Daily Pivot Point S1	74.45
Daily Pivot Point S2	72.07
Daily Pivot Point S3	70.29
Daily Pivot Point R1	78.6
Daily Pivot Point R2	80.38
Daily Pivot Point R3	82.76

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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