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WTI Crude declines 0.60%

FXStreet (Mumbai) - Crude oil prices in the US declined as the investors weighed the outcome of the OPEC meeting on Nov. 27.

WTI Crude for January delivery is trading 0.61% lower at USD 76.04/barrel at the time of writing. Prices declined from a high of USD 76.94 hit earlier today as the OPEC group stands divided over the issue of reducing output in order to stabilize the sliding prices.

Most fund managers say Crude prices can drop to USD 60/barrel without the OPEC output cut. Moreover, experts say a small cut of around 500,000 bpd would not be enough to calm the markets. a bigger cut of one million bpd or more, shall provide a much needed support to the prices.

Meanwhile, OPEC members Iran, Libya and Venezuela have urged the group members to cut the output, while Kuwait has said an output reduction is unlikely.

WTI Crude Technical Levels

The prices have an immediate resistance located at 76.48, above which a re-test of the daily high of 76.94 is possible. Meanwhile, support is seen at 75.84 and 75.63 levels.

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