- New Years sees markets trading flat, with crude oil strung out in consolidation.
- Upcoming OPEC+ production cuts could see prices back on the rise if energies traders believe the cuts will eat away at US oversupply.
Oil markets have strung out at familiar levels as broader markets head into the New Years shutdown, and crude barrels are constrained at near-term consolidation despite last week's quick plunge into the 42.15 region for US crude prices. WTI has stabilized at the 45.00 handle, but the latter half of this week is primed for a fresh resurgence of swinging investor sentiment.
The US remains one of the world's largest overproducers of crude oil, clocking in over 11 million barrels per day in production, and the massive supply glut is seeing oil energies buried at the low end; OPEC+ has promised to begin cutting production by over a million barrels per day beginning in January, with Russia announcing an excess production cutback, but barrel traders will be waiting to see if the production limits will be able to have an effect on the wave of WTI pouring out of the US into global supplies.
WTI Technical Levels
Today Last Price: 45.55
Today Daily change: 10 pips
Today Daily change %: 0.220%
Today Daily Open: 45.45
Previous Daily SMA20: 49.43
Previous Daily SMA50: 54.27
Previous Daily SMA100: 62.47
Previous Daily SMA200: 65.66
Previous Daily High: 46.33
Previous Daily Low: 44.54
Previous Weekly High: 47.09
Previous Weekly Low: 42.45
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 45.22
Previous Daily Fibonacci 61.8%: 45.65
Previous Daily Pivot Point S1: 44.55
Previous Daily Pivot Point S2: 43.65
Previous Daily Pivot Point S3: 42.76
Previous Daily Pivot Point R1: 46.34
Previous Daily Pivot Point R2: 47.23
Previous Daily Pivot Point R3: 48.13