- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
How will US Dollar react to September inflation data? – LIVE
September Consumer Price Index (CPI) data from the US is set to ramp up the market volatility in the American session. Investors see virtually no chance of a 50 bps Fed rate cut in November but a strong inflation report could alter expectations.
EUR/USD stays weak below 1.0950 ahead of US CPI
EUR/USD maintains its offered tone and trades below 1.0950 after ECB Accounts failed to trigger a reaction on Thursday. Markets remain cautious and refrain from placing any fresh bets on the pair ahead of the US CPI report.
GBP/USD trades with caution below 1.3100, awaits US CPI
GBP/USD treads water below 1.3100 in the European trading hours on Thursday. The pair is unable to benefit from a pause in the US Dollar uptrend amid a tepid risk tone ahead of the key US CPI inflation data release.
Gold price bulls seem non committed as focus remains glued to US CPI report
Gold price attracts some buyers on Thursday and for now, seems to have snapped a six-day losing streak to a nearly three-week low, around the $2,605-2,604 area tested the previous day.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.