- WTI prices fade on the previous move past $ 46.00.
- OPEC + decided to halt ongoing production cuts by 500,000 barrels.
- The next note level emerges at the $ 50.00 per barrel mark.
US benchmark prices for light sweet crude they advanced to new peaks in the region of $ 46.70 early in the session, although they ran out of traction afterwards.
Softer WTI after OPEC + deal fails to meet expectations
After posting new 9-month highs in the $ 46.70 zone, WTI prices lost some momentum and fell back to the current region of $ 45.70 at the end of the week.
A barrel of WTI lost bullish momentum after OPEC + announced Thursday that it will gradually increase its oil production by 500,000 bpd from January from the originally planned 2 mbpd. The cartel now intends to hit 2 mbpd in April.
Crude oil, meanwhile, is still betting on vaccine hopes, along with prospects for increased demand in 2021 and further stimulus from the US, all supporting the idea of a strong rebound in the world economy.
Later in the American session, driller Baker Hughes will release his weekly report on the US oil rig count.
Technical levels
At the moment, a barrel of WTI has risen 1.06% to $ 46.10 and faces the next hurdle at $ 46.66 (December 4 monthly high) seconded by $ 48.39 (March 4 monthly high) and finally $ 54.45 (March 4 high). February 20). On the other hand, a gap of $ 43.94 (December 2 monthly low) would expose $ 43.04 (November 11 high) before $ 40.12 (November 16 weekly low).
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