- Crude Oil sees a reprieve from selling pressure, bucking a four-day losing streak.
- WTI climbs around 2% from Tuesday’s opening bids near $75.00.
- Markets tilted into a risk-on mood late Tuesday to push assets higher.
West Texas Intermediary (WTI) Crude Oil caught a bid in a broad-market risk bid as investor sentiment improved across the board.
Safe havens are swooning and riskier assets are climbing as Tuesday trading winds towards the close.
WTI recovered recent losses, reclaiming familiar territory near the $77.00 handle.
Crude Oil markets have been souring lately after tensions flared between member states of the Organization of the Petroleum Exporting Countries (OPEC), causing a delay in an OPEC finance ministers’ meeting last week, which has been moved to the 30th.
Saudi Arabia, one of the preeminent OPEC member states, has been actively pursuing intense Crude Oil production cuts in order to keep global fuel prices elevated, and the fierce production quota caps are facing intensifying objections from smaller OPEC member states that rely more heavily on regular oil exports to fund their budgets.
With current OPEC production caps not enough to stem the tide of declining Crude Oil prices, energy markets will be paying extra attention to the global oil cartel’s conversations at the upcoming meeting, where production quotas are sure to be the primary topic of conversation.
WTI Technical Outlook
Tuesday’s risk bid is seeing Crude Oil step higher with the WTI bidding into the $77.00 handle late in the day, but with daily candlesticks continuing to get capped off by the 200-day Simple Moving Average (SMA) near $78.00, upside momentum could remain limited.
On the low side, technical support is firming up with repeated downside rejections from $75.00 to $73.00, and the next step for bidders will be to push WTI back over $80.00 before the 50-day SMA finishes rolling into a bearish crossover of the 200-day SMA.
WTI Daily Chart
WTI Technical Levels
Source: https://www.fxstreet.com/news/crude-oil-tuesday-ralies-to-snap-four-day-losing-streak-wti-tests-7700-202311281915