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Oil looking upwards, WTI knocks on $46.00

  • Crude oil prices are catching some lift for Friday, but market fundamentals don't look good.
  • OPEC+'s promise to cut production by 1.2 million bpd in January is seeing very little play in energy markets.

Crude barrels are working their way higher in early Friday action, carried along an undercurrent of general risk-on underlining the Pacific-Asia market session, but overarching fears of US oversupply continue to hang over WTI, keeping the major commodity constrained under 46.00 per barrel.

US crude inventories rose by 6.9 million barrels into last week, and the US is currently pumping 11.6 million barrels per day, surpassing all other crude-producing nations, including Saudi Arabia and Russia.

As part of a deal between OPEC+ producers, Russia has announced that it will be cutting production output by 3 to 5 million tons in H1 2019, though overall energy markets are waiting to see if OPEC+'s agreement to begin cutting production in January will have any effect on prices, and despite this week's good feelings in the markets, WTI is set to continue breaking lower as US inventories continue to pile up.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 45.82
    Today Daily change: 32 pips
    Today Daily change %: 0.703%
    Today Daily Open: 45.5
Trends:
    Previous Daily SMA20: 49.77
    Previous Daily SMA50: 54.72
    Previous Daily SMA100: 62.72
    Previous Daily SMA200: 65.78
Levels:
    Previous Daily High: 46.81
    Previous Daily Low: 44.47
    Previous Weekly High: 52.16
    Previous Weekly Low: 45.19
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 45.36
    Previous Daily Fibonacci 61.8%: 45.92
    Previous Daily Pivot Point S1: 44.38
    Previous Daily Pivot Point S2: 43.25
    Previous Daily Pivot Point S3: 42.04
    Previous Daily Pivot Point R1: 46.72
    Previous Daily Pivot Point R2: 47.93
    Previous Daily Pivot Point R3: 49.06

 

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