• 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.

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

 

 

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