WTI regains $50.00 and beyond, OPEC eyed

Pablo Piovano FXStreet

Crude oil prices have reverted the initial negative mood and have now lifted the West Texas Intermediate back above the $50.00 mark on Thursday, up nearly 1%.

WTI cautious ahead of OPEC/non-OPEC meeting

Prices for the WTI have recovered the smile today amidst a generalized selling bias around the greenback.

However, scepticism regarding the real effects on both prices and the supply glut of the recent deal to limit the oil output remains on the rise among traders, while jitters on the persistent oversupply seem to have re-emerged.

In the meantime, OPEC and non-OPEC producers will meet over the weekend in order to discuss output cuts by non-OPEC countries.

Weighting on sentiment as well, yesterday’s large build in US supplies in Cushing have offset the decrease in crude oil inventories, as reported by the EIA.

WTI levels to consider

At the moment the barrel of WTI is gaining 1.02% at $50.28 and a breakout of $52.42 (2016 high Dec.5) would aim for $53.89 (low Jul.10 2015) and then 62.58 (high May 6 2015). On the other hand, the immediate support lines up at $49.72 (low Dec.7) followed by $48.03 (55-day sma) and finally $47.70 (20-day sma).

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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