- OPEC + said it will meet again on December 3.
- The API weekly report on crude stocks is as follows.
US Benchmark Barrel Prices for Light Sweet Crude they alternate gains with losses close to $ 45 on Tuesday.
WTI attentive to the API, OPEP +
After touching last week’s highs above $ 46 per barrel, WTI prices triggered a corrective decline that faced containment at $ 44.50 for the time being (Nov 30).
Traders remain vigilant (disappointed?) After OPEC + failed to reach an agreement on whether to extend current oil production cuts and how many barrels the cartel should inject into markets once the current deal ends. The cartel is expected to meet again on Thursday.
Meanwhile, investors continue to weigh the relentless advance of the coronavirus pandemic against hopes for an effective vaccine (apparently to be delivered sooner rather than later) and the prospects for increased demand for the product in the coming months.
Moving forward, the API will publish its weekly report on US crude oil reserves later in the American session ahead of the EIA report on Wednesday and the OPEC + event on Thursday.
Technical levels
At the moment, a barrel of WTI has risen 0.09% to $ 45.09 and faces the next hurdle at $ 46.24 (monthly high on November 25) followed by $ 48.39 (March 4 monthly high) and finally $ 54.45 (high February 20). On the other hand, a break of $ 44.45 (weekly low on Nov 30) would expose $ 43.04 (high on Nov 11) ahead of $ 40.12 (weekly low on Nov 16).
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