Oil continues to flop on gains, WTI returning to $51.00
- Oil remains sideways as energy traders await a decline in US or OPEC production.
- Demand continues to struggle with oversupply, keeping crude barrel prices at uncomfortably low levels.
Crude oil markets have been largely unsuccessful in generating upwards momentum, and US barrels in particular remain constrained between 50.00 and 52.00 as energies traders remain cautious about the US' overhang in supply.
Despite recent commitments by OPEC+ to engage in production cuts of 1.2 million barrels per day beginning in January, crude barrels remain tepid and investors struggle to bid up oil markets, with the US staunchly refusing to engage in production limits, opting to leave market stability up to everyone else at the table, and record supplies of US barrels waiting in the wings sees WTI struggling to claim any further ground, and US oil prices have ground to a halt, shifting near the 50.00 critical mark since mid-November.
Warning messages from Iran this week suggest that there is more discord amongst OPEC member/producers than previously realized, and questions are being raised about OPEC's ability to pull off January's output cuts, leaving energy traders swimming in more barrels than the demand market can feasibly eat up, especially with forecasts of increased demand diminishing.
WTI Technical Levels
Today Last Price: 52.1
Today Daily change: 8.0 pips
Today Daily change %: 0.154%
Today Daily Open: 52.02
Previous Daily SMA20: 52.32
Previous Daily SMA50: 59.36
Previous Daily SMA100: 64.89
Previous Daily SMA200: 66.91
Previous Daily High: 52.06
Previous Daily Low: 51.89
Previous Weekly High: 54.2
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 52
Previous Daily Fibonacci 61.8%: 51.95
Previous Daily Pivot Point S1: 51.92
Previous Daily Pivot Point S2: 51.82
Previous Daily Pivot Point S3: 51.75
Previous Daily Pivot Point R1: 52.09
Previous Daily Pivot Point R2: 52.16
Previous Daily Pivot Point R3: 52.26