Oil prices seem to have stabilized near the $ 46 psychological level, following fluctuations in gains and losses in Asian operations. However, prices remain fragile as high stocks from OECD members are added to their persistent supply surplus concerns.
According to Reuters, oil analysts from Sanford C. Bernstein said, “In the first half of 2017, OECD inventories could be completed with a significant increase from the fall … The most plausible explanation is that OPEC harmonization is not as prevalent.”
In addition, the IEA monthly petroleum market report showed that OPEC‘s petroleum production disruption agreement was at its lowest level in six months in June, continuing to weigh on investor sentiment.
Meanwhile, crude oil will be announced today, and Baker Hughes is facing downside risks with US oil drilling report. Macroeconomic data from the US may also have a significant impact on USD-sensitive oil.
WTI Crude Oil currently trades at $ 45.94, with a loss of 0.30%.
Significant technical levels for WTI
The resistance levels at $ 46.48 (50-DMA), $ 47.10 (July 3 summit), $ 47.50 (psychological level), $ 45.38 (5-DMA), $ 44.51 (July 5 dip) and $ 43.67 (June 28 dip) For example.