Oil continues to see support from OPEC constraints, US rig declines
|- Oil prices softly back to open the day, but still well above key support levels.
- Despite OPEC's cuts and US rig declines, a slowing global economy will constrain price growth.
Oil prices continue to remain bid above the key 51.00 level, testing near 51.40 to open the new trading week.
OPEC+'s production constraints are continuing to keep barrel costs bolstered, though further action could be required from the oil conglomerate if further upside is to be seen, as December's rise from multi-year lows sees WTI limited by a rejection from the 53.00 region.
Elsewhere, US oil drillers are reducing their rig counts, further helping to keep prices aloft after US oil producers shuttered four rigs in the week to January 11th, and the total US rig count now stands at 873, but TS Lombardi has noted that flagging oil demand on slowing global growth could see oil prices stabilize for the time being as the scope for upside moves remains limited.
WTI Technical Levels
WTI
Overview:
Today Last Price: 51.8
Today Daily change: -16 pips
Today Daily change %: -0.308%
Today Daily Open: 51.96
Trends:
Previous Daily SMA20: 48.12
Previous Daily SMA50: 51.5
Previous Daily SMA100: 60.54
Previous Daily SMA200: 64.59
Levels:
Previous Daily High: 51.96
Previous Daily Low: 51.96
Previous Weekly High: 53.57
Previous Weekly Low: 48.33
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Previous Daily Fibonacci 38.2%: 51.96
Previous Daily Fibonacci 61.8%: 51.96
Previous Daily Pivot Point S1: 51.96
Previous Daily Pivot Point S2: 51.96
Previous Daily Pivot Point S3: 51.96
Previous Daily Pivot Point R1: 51.96
Previous Daily Pivot Point R2: 51.96
Previous Daily Pivot Point R3: 51.96
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.