WTI Crude Oil
Crude Oil prices dove Monday, as during the Oil producers’ meeting in Doha, the OPEC and non-OPEC producers failed to reach an agreement on a a production freeze.
WTI Crude Oil futures fell to 37.59 bbl, or over 7% before paring losses and recover some ground on news Kuwait’s Oil production fell as the sector´s workers began an openended strike over government plans to cut wages.
WTI Crude Oil’s recovery stalled below the 40.00 mark
On the daily
Black Gold finished the day above its MAs, as the technical indicators bounced sharply from their mid-lines, all of which suggest that the Southside potential could be limited.
In the 4 hours
The WTI Crude technical indicators are recovering from oversold territory, but remain below their mid-lines, and the price is below a Bearish 20-Day SMA at 40.40, the mark to pass to confirm further gains for Tuesday.
Support marks: 39.55 38.80 38.20
Resistance marks: 40.40 41.20 41.90
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