Oil markets pushing higher, WTI holding $48.50
- Upside risk sentiment sees oil on the upswing.
- Crude's recovery fueled by declining production amounts.
Crude markets are catching a lift in early Monday trading, sending US WTI barrels upwards of 48.50 as energies traders look to reclaim the 49.00 and 50.00 critical handles.
As the US and China get set for trade talks on January 7th and 8th, investors are hoping for a successful showing from the negotiating table meeting, but the big news for crude markets came from OPEC+ for January, with production limits already beginning to take effect as exported oil from key OPEC nations helps to eat away at the massive supply overhang, largely from overproducing United States.
OPEC+ is expected to send oil production down another 1.2 million barrels per day beginning from January, but December's production limit of almost half a million barrels per day is helping oil prices ahead of January's big move, helping to see crude markets recovering further.
WTI Technical Levels
Today Last Price: 48.79
Today Daily change: 55 pips
Today Daily change %: 1.14%
Today Daily Open: 48.24
Previous Daily SMA20: 48.31
Previous Daily SMA50: 52.79
Previous Daily SMA100: 61.56
Previous Daily SMA200: 65.19
Previous Daily High: 49.41
Previous Daily Low: 46.84
Previous Weekly High: 49.41
Previous Weekly Low: 44.52
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Previous Daily Fibonacci 38.2%: 48.43
Previous Daily Fibonacci 61.8%: 47.82
Previous Daily Pivot Point S1: 46.92
Previous Daily Pivot Point S2: 45.59
Previous Daily Pivot Point S3: 44.35
Previous Daily Pivot Point R1: 49.49
Previous Daily Pivot Point R2: 50.73
Previous Daily Pivot Point R3: 52.06