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WTI Crude stuck below 5-DMA ahead of the US GDP report

FXStreet (Mumbai) - Crude prices in the US advanced, although prices appear to have been stuck near the 5-DMA level located at USD 76.29.

WTI Crude for January delivery traded at 0.55% higher at USD 76.20/barrel at the time of writing. The commodity clocked a daily high of USD 76.41, before falling back to USD 76.20 levels. Crude prices are not being able to rise much, since markets are concerned that the Oil and Petroleum Exporting (OPEC) group may not announce a cut in the output at its Nov. 27 meet.

The commodity may erase gains if the second estimate of the US Q3 GDP prints lower than the market expectation of 3.3%.

WTI Crude Technical Levels

Crude has an immediate resistance located at 76.29 (5-DMA), above which gains could be extended to 77.00 levels. On the flip side, prices may decline to 74.70 levels, if the immediate support located at 75.69 (10-DMA) is breached.

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