TECHNICAL ANALYSIS

WTI Crude Oil Futures Settle At $ 46.26


5th consecutive weekly increase

WTI crude oil futures are at $ 46.26. This represents an increase of $ 0.62 or 1.36%. This week’s gains were the fifth consecutive weekly increase.

WTI Crude Oil Futures

Today’s high hit $ 46.68. The low extended to $ 45.61.

Technically, the high price broke through the 61.8% retracement of the 2020 trading range at $ 46.43, but was unable to maintain momentum above that level in settlement today. The price last week closed at $ 45.53.

This week’s low price hit $ 43.92 on Wednesday. The high price was today’s high at $ 46.68.

This week, OPEC + announced it would cut current production cuts of 500,000 barrels per day from January from current production cuts of around 7.7 million barrels per day (or 7.2 million barrels per day). barrels per day). They will also assess the conditions of supply and demand on a monthly basis. If conditions warrant further changes in production, they will only increase production in increments of 500,000.

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