WTI remains below $46.00, OPEC on sight

Crude oil prices are extending the recent downside, with the barrel of West Texas Intermediate managing to trim earlier losses although still in red below the $46.00 mark.

WTI all eyes on the OPEC meeting

Prices for the WTI are shedding more than 8% since last week’s tops beyond the $49.00 mark (Tuesday) following increasing scepticism around the degree of success (if any) at Wednesday’s OPEC meeting in Vienna.

In fact, hopes of a deal to limit the oil output have fizzed out in past days, following increasing rumours from OPEC/non-OPEC countries, all weighing on sentiment and pouring cold water over initial optimism.

Apart from the OPEC meeting on Wednesday, crude oil prices will remain vigilant on the usual reports on US inventories by the API and the EIA as well as Non-farm Payrolls during November (Friday).

WTI levels to consider

At the moment the barrel of WTI is losing 0.39% at $45.90 with the next support at $45.16 (low Nov.28) followed by $44.96 (200-day sma) and finally $44.55 (low Nov.18). On the upside, a breakout of  $49.22 (high Nov.22) would aim for $50.54 (high Jun.22) and then $51.60 (high Oct.10).

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