WTI rebounds from lows, stays close to $46.00 ahead of OPEC+

  • Prices of the WTI keeps the buying interest unchanged near $46.00.
  • The 2-day OPEC+ meeting kicks in on Monday.
  • Vaccine hopes keep sustaining the demand for crude oil.

Prices of the barrel of the WTI add to Friday’s gains and managed to bounce off earlier lows in the $44.50 region.

WTI focused on OPEC+, data

The barrel of the American reference for the sweet light crude oil keeps the upbeat momentum on Monday, as traders anticipate the OPEC+ will delay its planned oil output increments by three months (originally scheduled to start in January 2021).

In the meantime, investors continue to look past the pandemic and sustain the current change of heart around the commodity on firm prospects of higher demand in the months to come as well as rising probability of extra stimulus under the Biden’s administration.

On the data front, driller Baker Hughes reported on Thursday that US oil rig count went up by 10 during the previous week, taking the total US active oil rigs to 241. Later in the week, the usual weekly reports on US crude oil inventories by the API and the EIA are due on Tuesday and Wednesday, respectively.

WTI significant levels

At the moment the barrel of WTI is up 0.04% at $45.56 and faces the next hurdle at $46.24 (monthly high Nov.25) seconded by $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the other hand, a breach of $43.04 (high Nov.11) would aim to $40.12 (weekly low Nov.16) and then $37.09 (low Nov.6).

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