WTI oil recovery stalls below $38 with all eyes on the OPEC+

WTI crude oil consolidates around $37 after peaking at $38.15 on Wednesday.
Uncertainty about an OPEC+ agreement to extend output cuts is weighing on prices.

Guillermo Alcala FXStreet

The recent rally on oil prices seems to have stalled this week, with WTI front-month crude oil futures trading sideways around $37 on Thursday after peaking at $38.15 on Wednesday.

OPEC+ uncertainty hurts the oil rally

Oil prices’ positive trend has lost steam with the market wary about the uncertainty surrounding the OPEC+ meeting to review the production cuts. The meeting, originally scheduled for Thursday has been postponed for June 9-10 amid signs of disagreement between producer countries.

Furthermore, the increase in the gasoline and distillate stockpiles reported by the US Energy Information Administration on Wednesday has increased negative pressure on oil prices.

Likewise, the European benchmark, Brent oil, has remained practically flat at $40 after having doubled its price over the last six weeks.

WTI oil key levels to watch

WTI

Overview
Today last price	37.49
Today Daily Change	0.58
Today Daily Change %	1.57
Today daily open	36.91

Trends
Daily SMA20	31.51
Daily SMA50	26.54
Daily SMA100	36.7
Daily SMA200	46.92

Levels
Previous Daily High	38.3
Previous Daily Low	36.09
Previous Weekly High	35.92
Previous Weekly Low	31.33
Previous Monthly High	35.92
Previous Monthly Low	19.61
Daily Fibonacci 38.2%	36.94
Daily Fibonacci 61.8%	37.46
Daily Pivot Point S1	35.9
Daily Pivot Point S2	34.89
Daily Pivot Point S3	33.69
Daily Pivot Point R1	38.11
Daily Pivot Point R2	39.31
Daily Pivot Point R3	40.32

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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