Firmer WTI, approaching $ 45 level ahead of EIA and OPEC +

• WTI prices reverse the recent drop and point to $ 45.00.
• OPEC + is expected to decide on the extent of current production cuts.
• The EIA’s weekly report on crude oil supply stands out on today’s economic calendar.

Crude prices WTI they regain their smile after two consecutive daily falls and again target the key level of $ 45.00 per barrel.

WTI focuses attention on OPEC + and EIA

WTI barrel prices post decent gains on Wednesday and approach the round level of $ 45.00, as investors continue to wait for OPEC + to decide whether to extend current oil production restrictions beyond January.

Hopes that the cartel will finally delay its plans to gradually increase oil production support optimism among investors and overshadow Tuesday’s larger-than-expected rise in US crude oil reserves, according to the API report.

Meanwhile, market rumors about the likelihood of further easing of US monetary conditions under the Biden administration gives WTI some renewed oxygen and helps mitigate demand concerns stemming from the coronavirus pandemic. .

During the American session, the EIA report on US crude inventories will draw investors’ attention ahead of Friday’s US oil rig count data from driller Baker Hughes.

Significant levels of WTI

At the time of writing, a barrel of WTI is up 0.90% on the day, trading at $ 44.78. The next resistance is at $ 46.24 (November 25 high), followed by $ 48.39 (March 4 high) and $ 54.45 (February 20 high). On the other hand, a break below $ 43.94 (December 2 low) would expose $ 43.04 (November 11 high) before $ 40.12 (November 16 low).