- WTI prices drop to the region of $ 45.00.
- The general cautious tone weighed on trader sentiment.
- The following is the API’s weekly report on US crude inventories.
Crude oil prices they are trading defensively and within a tight range near $ 45.00 on Tuesday.
WTI attentive to datos, pandemic
West Texas Intermediate prices add to Monday’s pessimism amid the resurgence of cautious trade after US stimulus talks have lost steam of late and the pandemic continues to weigh on the outlook for oil demand.
Furthermore, traders continue to make a profit following the November rally and the recent OPEC + decision to phase out their planned oil production cuts and somehow anticipate a likely lower tranche in response to deflated stimulus prospects. and the new nervousness between the United States and China. Supporting this idea, it is worth noting that the RSI did not confirm the recent highs (near $ 47.00), but instead charted a daily bearish divergence.
Going forward, the API will release its weekly report on US crude oil reserves later in the US session ahead of Wednesday’s EIA report and Friday’s oil rig report.
Significant levels
Right now, a barrel of WTI is shedding 0.59% at $ 45.35 and a breakout of $ 43.94 (December 2 monthly low) would expose $ 43.04 (November 11 high) before $ 40.12 (November 16 weekly low ). On the other hand, the next obstacle arises at $ 46.66 (monthly maximum of December 4), followed by $ 48.39 (monthly maximum of March 4) and finally $ 54.45 (monthly maximum of February 20).
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