- A barrel of WTI rises to the area of $ 49.
- OPEC + plans a possible cut in oil production in February.
- The API will publish its weekly report later in the American session.
Crude oil prices They reverse Monday’s losses and manage to regain the $ 48 level and more per barrel on Tuesday.
WTI atentos a datos, OPEP +
US benchmark barrel prices for light sweet crude regained their composure and higher on Tuesday after bottoming out near $ 47 earlier in the week.
Rumors that OPEC + might be mulling over the idea of cutting oil production next month (by around 500,000 barrels per day) are behind the daily rally in WTI prices, all coupled with better sentiment in the risk space.
Later in the American session, the API will publish its usual weekly report on crude oil reserves before the same EIA report tomorrow.
Technical levels
Right now, a barrel of WTI is gaining 2.99% at $ 48.75 and faces the next hurdle at $ 49.80 (January 4 monthly high) seconded by $ 50.00 (psychological level) and finally $ 54.45 (February 20 monthly high. ). On the downside, a breakout of the $ 47.20 level (Jan 4 monthly low) would expose $ 46.18 (Dec 23 low) before $ 43.94 (Dec 2 monthly low).
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