- Crude oil recovers after the fall caused by the cancellation of the OPEC meeting.
- The meeting of OPEC finance ministers has been rescheduled for November 30.
- OPEC is expected to focus on production cuts next week.
West Texas Intermediate (WTI) is paring early losses on Wednesday as investor appetite recovers following a period of uncertainty surrounding the delayed Organization of the Petroleum Exporting Countries (OPEC) meeting.
The meeting of OPEC finance ministers, scheduled for November 26, was canceled and postponed until November 30.
The meeting, at which finance ministers from OPEC member countries were expected to discuss the organization’s current production quotas, was disrupted after Saudi Arabia expressed clear displeasure with the fact that many OPEC members OPEC have been producing and selling more crude oil than OPEC’s current limits.
U.S. crude oil stockpile figures also soared on Wednesday, with the Energy Information Administration’s (EIA) crude oil stock exchange revealing an unexpected build of 8.701 million barrels in the week that It ended on November 17.
This unexpected increase exceeds expectations of 0.9 million barrels and adds to the 3.6 million from the previous week.
Technical outlook for WTI
Crude oil has been no stranger to sudden declines on recent charts, and Wednesday’s decline in WTI sent US crude oil briefly below $74.00/barrel before reversing most of the market’s losses. day to challenge the $77.00 level again.
Despite Wednesday’s recovery, WTI remains under strong selling pressure, trading at the bottom of the 200-day SMA. The immediate low for WTI sits at a five-month low near $72.00, while the immediate high will be last week’s high just below $88.00.
WTI hourly chart
WTI Daily Chart
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.
