WTI remains under pressure around $45.00

WTI drops and rebounds from $44.70, 2020 lows.
OPEC+ could announce larger oil output cuts.
US oil rig count coming up next in the NA session.

Pablo Piovano FXStreet

Prices of the WTI dropped to fresh lows in the $44.70 region earlier in the session, where appears to have emerged some contention.

WTI weaker on coronavirus, looks to OPEC+ meeting

Nothing new around crude oil prices, with rising concerns on the Chinese COVID-19 and its potential impact on the economy and the demand for the commodity keeping traders’ sentiment well depressed.

In addition, crude prices stayed quite sceptical after news cited that the OPEC+ could announce deeper oil output cuts (1M bpd ish) at its meeting in Vienna on March 5-6, all in response to revitalize prices amidst the coronavirus jitters.

It is worth noting that prices of the American reference for the sweet light crude oil are down more than 30% since yearly tops near the $66.00 mark per barrel (January 8^th) to earlier YTD lows around $44.70

Moving forward, driller Baker Hughes will publish its weekly report on US oil rig count, closing the docket for the week.

WTI significant levels

At the moment the barrel of WTI is losing 2.38% at $45.09 and a breach of $44.68 (2020 low Feb.28) would ai for $42.20 (2018 low Dec.24) ahead of $41.83 (2017 low Jun.21). On the other hand, the next resistance of note emerges at $49.31 (low Feb.4) seconded by $50.66 (21-day SMA) and then $54.40 (monthly high Feb.20).

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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