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Oil markets tensing ahead of rough 2019, WTI trapped near $45.00

Overstocked oil markets threatening to continue declines.

US supply glut has no end in sight as OPEC+ gears up for reduction.

Oil markets are plugged near familiar levels as investors brace for a volatile 2019, with bearish price pressures remaining a key hallmark of the energies market.

WTI US crude barrels continue to trade flat, though this week saw US crude costs sink to a yearly low of 42.15 before rebounding back into familiar levels to continue shuffling feet at common zones.

With the US remaining one of the worlds largest providers of crude out of the ground, and even OPEC+s' promised 1.2 million barrel per day drawdown in oil production may fall flat as global supplies, especially US reserves, continue to get jammed up with record numbers of US barrels waiting in the wongs.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 46.02
    Today Daily change: 5.0 pips
    Today Daily change %: 0.109%
    Today Daily Open: 45.97
Trends:
    Previous Daily SMA20: 49.07
    Previous Daily SMA50: 53.86
    Previous Daily SMA100: 62.24
    Previous Daily SMA200: 65.54
Levels:
    Previous Daily High: 46.65
    Previous Daily Low: 44.87
    Previous Weekly High: 47.09
    Previous Weekly Low: 42.45
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 45.97
    Previous Daily Fibonacci 61.8%: 45.55
    Previous Daily Pivot Point S1: 45.01
    Previous Daily Pivot Point S2: 44.05
    Previous Daily Pivot Point S3: 43.23
    Previous Daily Pivot Point R1: 46.79
    Previous Daily Pivot Point R2: 47.61
    Previous Daily Pivot Point R3: 48.57

 

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