WTI Crude Oil: growth amid data on reducing oil reserves

NYSE:WTI   W&T Offshore, Inc
Current trend

The price of WTI Crude Oil is increasing and is currently located at 82.92. The quotes are trading in an uptrend amid a decrease in fuel reserves in US warehouses by —2.485 million barrels against an increase of 3.594 million a week earlier. Additional support to the price is provided by the strong position of OPEC+ regarding the preservation of agreements on production levels amid constant pressure from the United States — the US government has been urging the organization to increase production levels for more than a month, referring to the fuel crisis and a significant increase in gasoline prices in the country. OPEC+, however, does not plan to change the previously announced course.

The US Department of Energy yesterday published a forecast for the energy market for the near future. According to the department, daily oil production in 2021 will increase by 80K barrels and may amount to 11.1 million barrels, and in 2022 production is expected to increase by 170K barrels per day (up to 11.9 million barrels). The Energy Information Administration also noted a significant increase in fuel prices caused by gasoline shortages. As a result, the United States had to increase oil production in October by 700K barrels (up to 11.4 million).

Support and resistance

On the global chart of the asset, the price is increasing within the next growth wave and is approaching the absolute maximum of the year at 84.96. Technical indicators began to strengthen the buy signal again: the fluctuation range of the EMA on the Alligator indicator started to expand, and the AO oscillator histogram formed an upward bar.

Resistance levels: 84.50, 90.00.

Support levels: 81.44, 78.00.

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