Technical Analysis – WTI Oil Prices 12/1/2017
By Antonis Vasloos
Crude oil is coming off its first weekly loss in five, as concerns about weak Chinese demand weighed on the market even as OPEC appears to be moving forward with planned production cuts. The West Texas Intermediate (WTI) benchmark for US crude futures closed at $52.37 a barrel Friday, having declined 3% for the week. Prices appear to be correcting higher in Monday’s Asian session, with WTI peaking at $52.63 a barrel.
Oil futures have been in a large uptrend since November 30, the day OPEC agreed to trim crude production by 1.2 million barrels per day. Prices remain poised for further gains as global producers reduce output in support of prices. The $60 a barrel mark remains a critical psychological test for a market coming off one of its biggest price collapses on record.
- Support (daily): $52.38, $52.30, $52.21
- Resistance (daily): $52.55, $52.64, $52.72