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WTI struggling to maintain bid on $51 handle

WTI struggling to maintain bid on $51 handle

  • WTI struggles to hold the bid as he OPEC talks meet a roadblock.
  • Early signs of easing virus fears could imply a less prolonged demand.

The price of a barrel of oil on Thursday was struggling to maintain bid. At the time of writing and into the close, WTI is trading at $51.05 between a range of $50.26 and $52.16. Oil futures ended on a mixed note on Thursday as well while investors looked to the Organization of the Petroleum Exporting Countries to cut production to stem off the risks of a global slowdown and demand due to the coronavirus.  

OPEC hopes diminished 

The OPEC+ Joint Technical Committee recommended a cut to production of its members and other allies of 600,000 barrels a day, although the committee wasn't the decision-making body and the recommendation must be weighed by OPEC’s oil ministers. Also, Russia turned down the idea proposed which has put a significant dent in the prospects of there being such an accord.

"The size and time-length of the emergency curtailment would remain critical questions for energy market participants — but early signs of easing virus fears could also imply a less prolonged demand hit than initially anticipated. A large OPEC+ emergency curtailment, combined with Libyan and Iraqi disruptions could put a floor in prices,"

analysts at TD Securities explained.

WTI levels

WTI

Overview
Today last price 51.21
Today Daily Change 0.09
Today Daily Change % 0.18
Today daily open 51.12
 
Trends
Daily SMA20 55.42
Daily SMA50 58.1
Daily SMA100 56.94
Daily SMA200 57.04
 
Levels
Previous Daily High 51.96
Previous Daily Low 49.44
Previous Weekly High 54.37
Previous Weekly Low 51.05
Previous Monthly High 65.45
Previous Monthly Low 51.05
Daily Fibonacci 38.2% 51
Daily Fibonacci 61.8% 50.41
Daily Pivot Point S1 49.72
Daily Pivot Point S2 48.32
Daily Pivot Point S3 47.2
Daily Pivot Point R1 52.24
Daily Pivot Point R2 53.36
Daily Pivot Point R3 54.76

 

 

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