- Crude oil recovers from selling pressure and breaks a four-day losing streak.
- WTI is up about 2% from Tuesday’s opening bids, near $75.00.
- Late Tuesday, markets shifted toward risk-on appetite that drove assets higher.
crude oil West Texas Intermediary (WTI) received bids in a broad risk market as investor sentiment improved across the board.
Safe havens plunge and riskier assets rise as Tuesday trading nears the close.
WTI recovered recent losses and approached the $77.00 area.
Crude oil markets have turned sour lately after tensions erupted between member states of the Organization of the Petroleum Exporting Countries (OPEC), causing a delay in a meeting of OPEC finance ministers last week, which was has been moved to November 30.
Saudi Arabia, a major OPEC member, has made deep cuts in crude oil production to keep global fuel prices high, and strict limits on production quotas are facing objections. increasingly intense by the smaller member countries of OPEC, which depend more on regular oil exports to finance their budgets.
With current OPEC production limits not enough to stem falling crude oil prices, energy markets will pay close attention to global oil cartel talks at the next meeting, where production quotas They will undoubtedly be the main topic of conversation.
Technical outlook for WTI
On Tuesday, crude oil rose with WTI in the $77.00 area late in the day, but with the daily candlesticks remaining capped by the 200-day SMA near $78.00, bullish momentum could continue. being limited.
On the bearish side, technical support is tightening with repeated bearish rejections from $75.00 to $73.00, and the next step for bidders will be to push WTI back above $80.00 before the 50-day SMA finishes curling. on a bearish crossover of the 200-day SMA.
WTI Daily Chart
WTI technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
