WTI softer in the open as traders await OPEC+ talks to resume

WTI starts off the day on the offer as traders await news from OPEC.
The price of oil is a touch lower, -0.12% and trades between 75.00/0.7520 for the open.

Ross J Burland FXStreet

OPEC’s alliance has been put to the test in recent days.

The latest updates with regards to the talks that are dragging on and after the United Arab Emirates blocked a deal have been the Saudi's Energy Minister's comments.

He has said that if there's no deal, then there will be no oil output hike in August.

He told Al Arabiya TV if other countries had previous reservations then he asks why didn't issue their concerns before?

Overall, he is not optimistic nor pessimistic regarding the next OPEC plus meeting.

However, ahead of the negotiations due to take place today, he says a little compromise and rationality can make tomorrow's meeting successful.

Meanwhile, on Friday, WTI was at $75.10 and was marginally higher by just 0.12% into the closing bell on Wall Street. The price was rallying from a low of $74.44 to a lower high of $75.58 after posting a fresh cycle high the prior day.

WTI was on track for a 1.5% rise for the week, with the US crude market expected to tighten as refinery runs pick up to meet recovering gasoline demand.

WTI

Overview
Today last price	74.68
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	74.68

Trends
Daily SMA20	71.97
Daily SMA50	68.01
Daily SMA100	64.82
Daily SMA200	55.37

Levels
Previous Daily High	75.07
Previous Daily Low	73.92
Previous Weekly High	75.7
Previous Weekly Low	71.69
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	74.63
Daily Fibonacci 61.8%	74.36
Daily Pivot Point S1	74.04
Daily Pivot Point S2	73.41
Daily Pivot Point S3	72.9
Daily Pivot Point R1	75.19
Daily Pivot Point R2	75.7
Daily Pivot Point R3	76.33

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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