WTI rallies to $45.00 on OPEC hopes

Pablo Piovano FXStreet

Crude oil prices are sharply higher on Tuesday, lifting the West Texas Intermediate to the boundaries of the critical $45.00 handle per barrel, or more than 3%.

WTI up on OPEC rumours

Prices for the WTI have been boosted following increasing rumours on the likeliness of a deal to limit the oil output at the OPEC meeting in Vienna on November 30.

The rumours have removed some of the increasing scepticism that was surrounding the potential deal since the meeting in September, helping at the same time the barrel of WTI to bounce off recent 3-month lows near the $42.00 mark.

Collaborating with today’s upside, the greenback remains on the defensive after reaching fresh yearly tops when measured by the US Dollar Index (DXY) on Monday.

Later in the session, US Retail Sales will keep the attention on the buck ahead of the weekly report on crude oil stockpiles by the API.

WTI levels to consider

At the moment the barrel of WTI is gaining 3.25% at $44.73 facing the immediate hurdle at $45.95 (high Nov.9) ahead of $46.90 (55-day sma) and finally $46.99 (20-day sma). On the flip side, a breakdown of $42.20 (low Nov.14) would aim for $41.10 (low Aug.11) and then $37.61 (low Apr.18).

To learn more about this topic, check our video analysis:

WTI from Tip TV Productions on Vimeo.

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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