Oil markets restrained, WTI stuck near $51.00
|- WTI remains trapped near lows at the $51.00 level as the week moves sideways for crude.
- OPEC's production cuts are largely being viewed as too little, too late.
Crude oil markets saw an attempt to stage a bullish recovery late Monday, but ongoing market pressures and worries of declining demand continue to keep crude barrels in a defensive posture.
Global stock markets remain weak after several rounds of risk-off action sending the world's major bourses skidding into new lows in recent weeks, and OPEC's planned attempt at a reduction in production levels beginning in January are running up against concerns that the 1.2 million barrel per day production decrease won't be enough to stem the tide of crude barrels pouring out of the US, who has opted to not follow suit with OPEC plans of a cut to production caps.
WTI Technical Levels
WTI
Overview:
Today Last Price: 51.17
Today Daily change: 26 pips
Today Daily change %: 0.511%
Today Daily Open: 50.91
Trends:
Previous Daily SMA20: 52.58
Previous Daily SMA50: 59.76
Previous Daily SMA100: 65.03
Previous Daily SMA200: 66.99
Levels:
Previous Daily High: 51.02
Previous Daily Low: 50.88
Previous Weekly High: 54.2
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 50.93
Previous Daily Fibonacci 61.8%: 50.97
Previous Daily Pivot Point S1: 50.85
Previous Daily Pivot Point S2: 50.8
Previous Daily Pivot Point S3: 50.71
Previous Daily Pivot Point R1: 50.99
Previous Daily Pivot Point R2: 51.08
Previous Daily Pivot Point R3: 51.13
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.