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- Crude Oil in Whirlwind: Rise, Then Tumble
- WTI at $74.50 Amidst Volatility
- OPEC Cuts Insufficient Amid Declining Demand
West Texas Intermediate (WTI) Crude Oil is experiencing a whirlwind session during Friday’s late-week trading, climbing back towards $77.00 per barrel before falling once more towards $74.50. Thursday saw a sharp rejection as investors doubt the effectiveness of the Organization of the Petroleum Exporting Countries (OPEC) production cuts.
OPEC announced a million barrels per day (bpd) reduction in Crude Oil pumping quotas, but skepticism remains high. Lack of agreement and compliance monitoring leaves the efficacy of the cut in question.
The modest million bpd production cut by OPEC is unlikely to counteract slumping global Crude Oil demand, leading to an overhang in oil barrel supply in the coming months.
US Crude Oil reserves increased for the week into November 24th, adding 1.6 million barrels to current Crude Oil stocks, which is more than market expectations.
WTI Crude Oil continues on a bearish trend after a failed recovery, with volatile trading between $78.00 and $75.00 per barrel. A shift in direction will require significant momentum to break key barriers.
The outlook for WTI Crude Oil remains uncertain as it grapples with market resistance and supportive moving averages.
WTI Technical Levels
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