- Oil prices remain hampered as traders await evidence of OPEC+ production cuts.
- Global markets are recoiling as investors fear a broad slowdown, pulling bidders out of commodities.
Crude markets continue to trade towards the downside as investors remain unconvinced about impending OPEC+ production cuts as the US continues to overproduce crude barrels at an incredible rate, and the broader market remains well-supplied with a glut of barrels stuffing into supply lines much faster than demand can hope to eat them up.
Despite OPEC+'s agreement to cut oil production by 1.2 million barrels per day, energies markets are waiting to see if the strategic reduction will have an effect on broader markets. Coupling that with broad-market fears of an economic slowdown, and oil prices are likely to remain capped in the near-term as declining economic activity would only further exacerbate demand's inability to rise above current production levels.
WTI crude has remained tepid for the better part of four weeks, strapped to the 51.00-53.00 region as energy traders await bigger changes to the current production balance in crude markets.
WTI Technical Levels
WTI
Overview:
Today Last Price: 51.57
Today Daily change: 14 pips
Today Daily change %: 0.272%
Today Daily Open: 51.43
Trends:
Previous Daily SMA20: 51.84
Previous Daily SMA50: 58.2
Previous Daily SMA100: 64.48
Previous Daily SMA200: 66.66
Levels:
Previous Daily High: 53.17
Previous Daily Low: 51.11
Previous Weekly High: 53.48
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 51.9
Previous Daily Fibonacci 61.8%: 52.38
Previous Daily Pivot Point S1: 50.64
Previous Daily Pivot Point S2: 49.84
Previous Daily Pivot Point S3: 48.58
Previous Daily Pivot Point R1: 52.7
Previous Daily Pivot Point R2: 53.96
Previous Daily Pivot Point R3: 54.76
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