WTI is near $ 47.80 a session summit
WTI is near $ 47.80 a session summit

Crude oil prices maintain a positive outlook over US supply disruption concerns ahead of Harvey hurricane, the biggest hurricane of the past 12 years.

Meanwhile, WTI could be under pressure via USD dynamics with Fed Chairman Janet Yellen speaking at the Jackson Hole Symposium.

In addition, the big picture around crude oil prices is concerned with rising US oil production and remains the same as the general skepticism that the OPEC production cut deal could offset the market.

According to recent reports, the OPEC agreement is likely to extend beyond March. (Still seems far away)

On the data front, Baker Hughes report on the number of US oil drilling is expected.
WTI Crude Oil is currently trading at $ 47.77 with a gain of 0.72%.

Significant technical levels for WTI
The resistance levels at $ 48.53 (21-day SMA), $ 48.75 (August 21 summit), and $ 49.64 (200-day SMA) were $ 47.03 (August 21 dip), $ 46.64 (55-day SMA), and $ 46.46 Dip) levels.



This site uses Akismet to reduce spam. Learn how your comment data is processed.