WTI fades a bounce to $46.50 amid signs of deeper OPEC output cuts
- Rebounds on deeper OPEC output cuts, year-end repositioning.
- But upside appears capped amid negative European equities, looming oversupply worries.
WTI (oil futures on NYMEX) bulls were offered some reprieve on Friday amid the latest signs OPEC's production cuts will be deeper than expected. The prices attempted a rebound after having fallen 5% the previous session on global markets sell-off, as the US recession fears heightened.
Markets also attribute the recovery to profit-taking, as investors look to lock in gains after the recent declines and ahead of the Christmas and New Year holiday season.
However, the bears fought back charge last hour, knocking-off the rates back to the 46 handle, as investors continue to fret over oversupply and mounting global growth concerns. Looking ahead, the black gold is likely to find some near-term trading impetus from the Bakers and Hughes oil rigs count data due later on Friday at 1800 GMT.
WTI Technical Levels
Today Last Price: 46.12
Today Daily change: -15 pips
Today Daily change %: -0.324%
Today Daily Open: 46.27
Previous Daily SMA20: 50.99
Previous Daily SMA50: 56.45
Previous Daily SMA100: 63.67
Previous Daily SMA200: 66.25
Previous Daily High: 47.56
Previous Daily Low: 45.74
Previous Weekly High: 53.48
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 46.44
Previous Daily Fibonacci 61.8%: 46.86
Previous Daily Pivot Point S1: 45.49
Previous Daily Pivot Point S2: 44.7
Previous Daily Pivot Point S3: 43.67
Previous Daily Pivot Point R1: 47.31
Previous Daily Pivot Point R2: 48.34
Previous Daily Pivot Point R3: 49.13