WTI struggles for direction around $45.00/bbl ahead of API, data

WTI charts an inconclusive session around $45.00.
OPEC+ said it will meet again on December 3.
The API’s weekly report on crude stockpiles is next on tap.

Pablo Piovano FXStreet

Prices of the barrel of the American benchmark for the sweet light crude oil alternates gains with losses near the $45.00 mark on turnaround Tuesday.

WTI looks to API, OPEC+

Following last week’s tops beyond the $46.00 mark per barrel, prices of the WTI sparked a corrective downside that met contention in the mid-$44.00s for the time being (November 30).

Traders remain vigilant (disappointed?) after the OPEC+ failed to reach an agreement on whether to extend the current oil output cuts and how many barrels the cartel should pump into the markets once the current agreement finishes. The cartel is expected to meet again on Thursday.

In the meantime, investors continue to gauge the unremitting advance of the coronavirus pandemic vs. hopes of an effective vaccine (apparently to be delivered sooner rather than later) and prospects of higher demand for the commodity in the months to come.

Moving forward, the API will publish its weekly report on US crude oil stockpiles later in the NA session ahead of the EIA’s report on Wednesday and the OPEC+ event on Thursday.

WTI significant levels

At the moment the barrel of WTI is up 0.09% at $45.09 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 $44.45 (weekly low Nov.30) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16).

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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