WTI loses 3% below $ 70 after OPEC + agreement and before stock market drop

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  • The WTI is under pressure after the OPEC + agreement and due to the fall in stock markets.
  • Delta variant concerns continue to weigh on risk appetite.

El WTI (Nymex futures) is accelerating its decline at the start of the week, losing more than 2.5% on Monday. The price fell below $ 70.00 and reached $ 69.63, the lowest since June 10.

The The main driver behind the fall in oil since its peak in years was after the agreement reached between the Organization of the Petroleum Exporting Countries and its allies (OPEC +) over the weekend on oil production policy. The confrontation between Saudi Arabia and the United Arab Emirates (UAE) ended after both sides together with other OPEC + members agreed to increase the supply of oil by 400 thousand barrels per day (bpd) starting in August.

Another negative factor, is the growing concern about the Delta variant of COVID-19 and its impact on the nascent global economic recovery. Stock markets in Europe are losing more than 2% and Wall Street futures point to a negative open.

Despite the sale, US banking giants such as Goldman Sachs and Citibank continue to maintain a bullish outlook on crude prices in the near term. The next relevant data will be that of oil inventories to be published later.

Technical levels

WTI

Panorama
Today’s Last Price 69.46
Today’s Daily Change -1.70
Today’s Daily Change% -2.39
Today’s Daily Opening 71.16
Trends
SMA of 20 Daily 73.22
SMA of 50 Daily 69.77
SMA of 100 Daily 66.03
200 SMA Daily 57.04
Levels
Daily Previous Maximum 72
Daily Previous Minimum 70.14
Weekly Preview Maximum 74.95
Weekly Prior Minimum 70.14
Monthly Previous Maximum 74.17
Minimum Previous Monthly 66.78
Daily Fibonacci 38.2% 70.85
Daily Fibonacci 61.8% 71.29
Daily Pivot Point S1 70.19
Daily Pivot Point S2 69.23
Daily Pivot Point S3 68.33
Daily Pivot Point R1 72.06
Daily Pivot Point R2 72.96
Daily Pivot Point R3 73.92

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