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Crude oil: Recovers and breaks a four-day losing streak; WTI tests the $77.00 level

  • 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

WTI US OIL

Overview
Latest price today 76.63
Today Daily variation 1.55
Today’s daily variation 2.06
Today’s daily opening 75.08
Trends
daily SMA20 77.64
daily SMA50 83
SMA100 daily 82.24
SMA200 daily 77.92
Levels
Previous daily high 76.28
Previous daily low 74.16
Previous weekly high 78.46
Previous weekly low 73.85
Previous Monthly High 90.88
Previous monthly low 80.52
Daily Fibonacci 38.2 74.97
Fibonacci 61.8% daily 75.47
Daily Pivot Point S1 74.06
Daily Pivot Point S2 73.05
Daily Pivot Point S3 71.94
Daily Pivot Point R1 76.18
Daily Pivot Point R2 77.29
Daily Pivot Point R3 78.3

Source: Fx Street

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