WTI moves to fresh cycle highs on OPEC meeting cancellation

US oil is higher as OPEC+ meeting is cancelled.
Bulls take price to fresh cycle highs.

Ross J Burland FXStreet

The price of WTI met a fresh high cycle on Monday to $76.31 as news that OPEC+ nations had called off talks on output levels, meaning no deal to boost production has been agreed.

Spot WTI rallied from a low of $74.78 and ended 1.41% higher without a date to resume the negotiations being set after the United Arab Emirates rebuffed a proposed eight-month extension to output curbs.

OPEC+ had already agreed on record output cuts in 2020 to cope with a COVID-induced price crash and the producers have been gradually easing the output restrictions as the global economy opens up.

However, Friday's plan to lift output by about 2 million barrels per day (bpd) from August to December 2021 and to extend the pact on a series of gradual output shifts to the end of 2022 was blocked by the UAE.

Since the clash, oil prices have been bid within a volatile move to the upside:

WTI hourly chart

WTI

Overview
Today last price	75.7
Today Daily Change	1.02
Today Daily Change %	1.37
Today daily open	74.68

Trends
Daily SMA20	71.97
Daily SMA50	68.01
Daily SMA100	64.82
Daily SMA200	55.37

Levels
Previous Daily High	75.07
Previous Daily Low	73.92
Previous Weekly High	75.7
Previous Weekly Low	71.69
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	74.63
Daily Fibonacci 61.8%	74.36
Daily Pivot Point S1	74.04
Daily Pivot Point S2	73.41
Daily Pivot Point S3	72.9
Daily Pivot Point R1	75.19
Daily Pivot Point R2	75.7
Daily Pivot Point R3	76.33

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.