WTI traders get set for OPEC

WTI is consolidating in Asia as traders get set for the outcome of OPEC+.
The market expects to see production quotas for August raised by at least half a million barrels.

Ross J Burland FXStreet

At the time of writing, WTI spot is flat at $72.81 and is trading between a low of $72.68 and a high of $72.81 in the consolidation of the offer from the prior day.

WTI spot ended the US session close to the low of $72.65 at $72.75, lower by 1.65% after falling from a high of $74.42. WTI crude oil for August delivery closed down US$1.14 to US$72.9 per barrel August Brent crude, the global benchmark, was last seen down US$1.56 to US$74.62.

Traders are getting set for the OPEC+ meeting where the market expects to see production quotas for August raised by at least half a million barrels which would be expected at this stage despite the spike in the new strain of coronavirus.

The majority of the related headlines have related to Australia's most populous city, Sydney, that went into lockdown and Indonesia is also battling record-high cases. Lockdowns in Malaysia are set to be extended and Thailand has also announced new restrictions in Bangkok and other provinces.

Oil might find support on the basis that the US has carried out airstrikes on militias in Iraq and Syria that are backed by Iran which could interrupt the indirect talks between the US and Iran. Therefore, the prospects for a return of a million barrels per day of Iranian supply to the world market have stalled.

WTI

Overview
Today last price	72.5
Today Daily Change	-1.27
Today Daily Change %	-1.72
Today daily open	73.77

Trends
Daily SMA20	70.65
Daily SMA50	66.86
Daily SMA100	64.04
Daily SMA200	54.53

Levels
Previous Daily High	73.93
Previous Daily Low	72.64
Previous Weekly High	74.05
Previous Weekly Low	70.69
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	73.44
Daily Fibonacci 61.8%	73.14
Daily Pivot Point S1	72.97
Daily Pivot Point S2	72.16
Daily Pivot Point S3	71.68
Daily Pivot Point R1	74.25
Daily Pivot Point R2	74.74
Daily Pivot Point R3	75.54

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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