- Market in search of stability favors oil recovery.
- Saudi minister talks about the possibility of cutting production.
- Technical factors point to further increases in WTI.
The prices of Petroleum they are rising on Tuesday, fueled by a mild rebound in stocks, profit-taking around the dollar and comments from the Saudi Arabian minister about the possibility of a production cut.
The barrel of WTI (trading platforms) broke above the 92.00 zone and climbed to $92.80, reaching the highest level since August 12. It then cut profits and trades at $92.20.
The rallies imply a continuation of the rebound from levels close to $85.20 (recent low) and $86.00 (Aug 22 low). Part of the momentum was helped by comments from the Saudi Arabian Minister of EnergyPrince Abdulaziz bin Salman. He said the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may be forced to cut production in the face of recent price movements.
Technically, if it continues above $91.00, the very short-term outlook will be positive for WTI. The next strong resistance is at $94.60, where the highs of August 11 and 12 are.
Technical levels
Source: Fx Street
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