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Oil: WTI holds on to recent gains, awaiting OPEC+

The prices of Petroleum They operate without a clear direction and on neutral ground, after marking intraday highs in three weeks, clinging to recent gains and with an eye on the OPEC + meeting.

The barrel of WTI (trading platforms) operates at $86.60, in the zone of maximums in three weeks. The price peaked at $87.35 but quickly retraced. The stock is still more than $10 above last week’s low. Hours of high volatility are expected.

Supported by clipping expectation

Despite trading flat, oil shows some strength by maintaining recent gains in a context of falling stock markets and a strong dollar. This has to do with the meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+).

At the first face-to-face meeting in two years in Vienna, OPEC+ is on track to announce the biggest production cut in yearswhich could reach two million barrels per day.

The price received support after reports that the United Arab Emirates would support the substantial cut proposed by Saudi Arabia and Russia, overshadowing US efforts to stop the agreement. The Biden administration tried to limit increases in oil to combat inflation.

Technical levels


Last Price Today 85.8
Today’s Daily Change 0.03
Today’s Daily Change % 0.03
Today’s Daily Opening 85.77
20 Daily SMA 83.1
50 Daily SMA 87.88
100 Daily SMA 97.52
200 Daily SMA 96.74
Previous Daily High 86.36
Previous Daily Minimum 82.7
Previous Maximum Weekly 82.51
Previous Weekly Minimum 76.08
Monthly Prior Maximum 90.14
Previous Monthly Minimum 76.08
Daily Fibonacci 38.2% 84.97
Daily Fibonacci 61.8% 84.1
Daily Pivot Point S1 83.53
Daily Pivot Point S2 81.29
Daily Pivot Point S3 79.87
Daily Pivot Point R1 87.19
Daily Pivot Point R2 88.61
Daily Pivot Point R3 90.85

Source: Fx Street

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