HomeContributorsTechnical AnalysisWTI Crude Oil Weaker As OPEC Meetings Get Underway

WTI Crude Oil Weaker As OPEC Meetings Get Underway

Oil prices are down about one percent intraday. The declines come as OPEC leaders meet in Vienna.

Rumors over the weekend suggested that OPEC+, which includes Russia, will keep the present production cuts in place.

Technically, oil prices are stuck near the resistance level of 45.50. Furthermore, there is also a consolidation with the trend line and the horizontal resistance level.

Therefore, if price breaks from this region, we could expect to see a stronger correction lower.

The next key level of interest will be near the 42.50 level of support.

 

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