WTI rebounds above mid-$27s as investors stay focused on OPEC headlines

Crude oil fell sharply after OPEC+ emergency meeting got postponed.
Saudi Arabia and Russia are reportedly close to reaching an output cut deal.

Eren Sengezer FXStreet

Crude oil prices came under strong selling pressure after developments over the weekend revealed that the OPEC+ emergency meeting got postponed to Thursday to give more time to sides to negotiate.

Eyes on new OPEC+ output cut deal

The barrel of West Texas Intermediate (WTI) erased more than 10% from Friday's closing level and touched a daily low of $25.27 in the early trading hours of the Asian session but has been recovering its losses since. As of writing, the WTI was trading at $27.63, still down around 4% on a daily basis.

Citing a top Russian oil negotiator, Reuters on Monday reported that Saudi Arabia and Russia were close to a deal on oil production reductions and helped crude oil extend its rebound. "I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close," Kirill Dmitriev, head of Russia's sovereign wealth fund, told CNBC.

Moreover, Iraq's oil minister said that he was optimistic about reaching a new supply cut deal after talking to his OPEC+ counterparts over the weekend.

Technical levels to watch for

WTI

Overview
Today last price	29.57
Today Daily Change	-1.01
Today Daily Change %	-3.30
Today daily open	30.58

Trends
Daily SMA20	26.89
Daily SMA50	40.96
Daily SMA100	49.96
Daily SMA200	52.99

Levels
Previous Daily High	30.67
Previous Daily Low	25.39
Previous Weekly High	30.67
Previous Weekly Low	21.01
Previous Monthly High	48.74
Previous Monthly Low	20.57
Daily Fibonacci 38.2%	28.65
Daily Fibonacci 61.8%	27.41
Daily Pivot Point S1	27.09
Daily Pivot Point S2	23.6
Daily Pivot Point S3	21.82
Daily Pivot Point R1	32.37
Daily Pivot Point R2	34.16
Daily Pivot Point R3	37.65

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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