On Friday, he continued to suffer crude oil losses until now, and the bears are on their way to the 2-week bottoms level, continuing to move on to the second week of record-breaking losses. Commodities are testing the $ 48.00 psychological level, as investors continue to respond negatively to the latest OPEC monthly report, showing that cartel’s oil production has risen to its highest level since December 2016. OPEC production jumped 173,000 a day, reaching 32.9 million barrels a day.
The rise in OPEC production levels has left a shadow over the expectations of US crude oil inventories, and thus triggered massive sales of oil prices. On the other hand, the ongoing rising blood pressure around the US and North Korea has a negative impact on overall risk sentiment and harms the emtion.
In the meantime, Saudi Arabian Energy Minister Al-Falih has offered a chance to rest on the crude oil bogs, possible comments on the continuing supply shortfalls.
On the data front, a weekly Baker Hughes US oil drilling report to be announced today is expected.
WTI Crude Oil currently trades at $ 48.27, down 0.66%, and Brent crude is trading at $ 51.44, down 0.89%.
Significant technical levels for WTI
$ 50.00 (psychological level) and $ 50.43 (August 1st peak) resistance, $ 48.00 (psychological level), $ 47.44 (100-DMA), and $ 46.44 (50-DMA) For example.