- WTI hovers around $ 75.00 as OPEC talks continue.
- Infighting in OPEC + on Thursday pushed the price above $ 76 on Thursday.
- The fate of WTI partly in the hands of what is agreed.
El WTI (Nymex futures) is fluctuating between gains and losses so far this Friday, although it maintains its range around the $ 75 zone, pending the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC + ) that are gathered. What is decided there can be decisive for the next direction of oil.
The US oil rose 2.5% marking new two-and-a-half-year highs at $ 76.22 a day earlier after infighting among OPEC + members fueled anxiety and spurred prices. According to sources, the UAE was unhappy and apparently blocked a plan for an immediate easing of production cuts and their extension until the end of 2022.
Meanwhile, it was reported that “Saudi Arabia and Russia had reached a preliminary agreement, which would see production increase by 0.4 million barrels per day from August to December 2021, to meet growing global demand,” according to Reuters.
The Investors took the delay in the OPEC + talks as an excuse to take profits, especially after the solid rally. This led to a pullback of almost $ 1 and it is now in consolidation mode.
WTI technical levels
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