- Downward biased oil prices with the context of the OPEC + meeting dominating.
- WTI lost 1.35% on Monday, having bottomed out at $ 44.40, the lowest in six days.
Oil is falling on Monday with the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC +). They are discussing whether to extend the current cuts to oil production or whether to gradually increase in January.
The meeting according to the statements of sources to Reuters points to be “difficult”, due to the different positions. At the weekend, the informal talks did not reach an agreement on how to carry out production in 2021.
Cautious WTI just under $ 45
The price is under some pressure on Monday, but with moderate declines. In fact, WTI bottomed out at $ 44.40 and then bounced back to $ 45.00, although unable to return above for the time being.
It is trading just below $ 45, far from the lows, but still with a bearish bias. The news surrounding the OPEC + meeting is expected to be the determining factor.
Regardless of what happens on Monday, November is on track to close with strong gains for oil. The WTI, accumulate a rise of 20% and reached an eight-month high last week at $ 46.25.
Technical levels
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