WTI sticks within $78.00-$79.00 range as markets mull OPEC+’s next move


  • Oil markets have been rangebound on Wednesday and for the most part stuck within $78.00-$79.00 parameters.
  • A WSJ report suggested the Saudis and Russian might be willing to halt future output hikes following the SPR release.

Despite a bombardment of US macro data that ultimately contributed helped push the US dollar to fresh annual highs, an onslaught of European lockdown-related updates and official US crude inventory numbers, crude oil markets have been quite subdued on Wednesday. Front-month futures of the American benchmark for sweet lift crude oil, West Texas Intermediary or WTI, has stuck within a $78.00-$79.00 range for the bulk of the session. At current levels just under $78.50, WTI trades almost bang on flat for the day.

The main theme in crude oil markets continues to be the global coordinated crude oil reserve release and OPEC+’s response. The latest on that front was a report from the Wall Street Journal that suggested central OPEC+ members Saudi Arabia and Russia might be considering pausing output hikes in the months ahead, although separate OPEC+ sources later refuted this idea. OPEC+ oil ministers are scheduled to meet on 2 December, following a meeting of the cartel’s Joint Technical Committee (JTC) on 30 November. Further sources suggested that OPEC+ wants to wait to see the conclusions of its research department before deciding on the next monthly adjustment.

Whilst the release of the now somewhat stale FOMC minutes at 1900GMT on Wednesday will likely turn some heads in FX, bond and maybe equity markets, crude oil traders are less likely to be fussed. Indeed, the outlook for trading conditions for the rest of the week is for low volumes and a lack of conviction. That’s because US markets are closed on Thursday for Thanksgiving, which means futures trade (including for WTI) will close between the hours of 1800GMT and 2300GMT. Some US markets then shut early on Friday though not futures. Many US markets. 

Wti

Overview
Today last price 78.14
Today Daily Change -0.45
Today Daily Change % -0.57
Today daily open 78.59
 
Trends
Daily SMA20 80.03
Daily SMA50 78.52
Daily SMA100 73.91
Daily SMA200 69.52
 
Levels
Previous Daily High 78.7
Previous Daily Low 75.17
Previous Weekly High 80.67
Previous Weekly Low 75
Previous Monthly High 84.98
Previous Monthly Low 74.06
Daily Fibonacci 38.2% 77.35
Daily Fibonacci 61.8% 76.52
Daily Pivot Point S1 76.27
Daily Pivot Point S2 73.95
Daily Pivot Point S3 72.74
Daily Pivot Point R1 79.8
Daily Pivot Point R2 81.02
Daily Pivot Point R3 83.34

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD climbs above 1.1250 as investors eye coronavirus headlines

EUR/USD preserved its recovery momentum early Friday and rose above 1.1250 during the European trading hours. Markets are doubting the Fed's policy tightening prospects as the new coronavirus variant revives concerns over the economic recovery losing steam.

EUR/USD News

GBP/USD rebounds toward mid-1.3300s on broad dollar weakness

GBP/USD reversed its direction after dipping below 1.3300 earlier in the day and started to push higher toward 1.3350. The greenback is facing heavy selling pressure amid the sharp decline witnessed in the 10-year US Treasury bond yield.

GBP/USD News

Gold clings to strong gains above $1,800 as US T-bond yields plunge Premium

Gold staged a decisive rebound on Friday and reclaimed $1,800. The intense flight to safety is causing US Treasury bond yields to fall sharply and fueling XAU/USD's rally. Investors await news on vaccines' effectiveness against the new COVID variant.

Gold News

Cardano could tank to $1 if ADA fails to defend crucial support

Cardano price is currently hovering below a freshly shattered 6-hour demand zone, ranging from $1.68 to $1.79. This resulting crash could extend to the immediate and critical foothold at $1.40. 

Read more

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures