Oil: WTI falls to three-day lows on risk aversion, eyeing OPEC+ meeting

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  • A slight increase in OPEC+ production quota is expected.
  • Fall in stock markets and negative economic perspectives weigh on prices.
  • WTI loses more than $5 since Wednesday’s peak.

Oil prices are failing to escape the overall negative sentiment and are losing ground, extending the pullback that started on Wednesday. The barrel of WTI (platforms) reached as high as $112.70, the highest level in almost two weeks, and is trading at $107.50, the lowest in three days. The price is on track for the first monthly drop since November of last year.

Stocks are falling in Europe and futures on Wall Street are down more than 1%, ending one of the worst semesters in decades. The negative climate due to fears of a slowdown in the global economy. Which also weighs on expectations of oil demand.

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Members of the Organization of the Petroleum Exporting Countries and its allies They stated that production is below targets, due to sanctions on Russia, and supply problems in several countries. OPEC+ is in a meeting and the expectation is that a modest increase in production quotas will be approved.

On Wednesday there was a drop in the US oil reserves as reported by the Energy Information Agency of almost three million barrels in the week of June 24. On Thursday there will be data on gas inventories and before that, US consumption and personal spending.

Technical levels

WTI US OIL

Overview
Today last price 107.93
Today Daily Change -0.36
Today Daily Change % -0.33
Today daily open 108.29
trends
Daily SMA20 113
Daily SMA50 109.41
Daily SMA100 105.13
Daily SMA200 91.78
levels
Previous Daily High 112.73
Previous Daily Low 107.97
Previous Weekly High 110.82
Previous Weekly Low 101.17
Previous Monthly High 118.66
Previous Monthly Low 97.21
Daily Fibonacci 38.2% 109.79
Daily Fibonacci 61.8% 110.91
Daily Pivot Point S1 106.59
Daily Pivot Point S2 104.9
Daily Pivot Point S3 101.84
Daily Pivot Point R1 111.35
Daily Pivot Point R2 114.42
Daily Pivot Point R3 116.11

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Source: Fx Street

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