Crude Oil Prices Climb Ahead Of OPEC+ Meeting, Viral Concern Eases

The Energy Information Administration (EIA) will publish its weekly petroleum status report later today, with a 3.85-million-barrel draw expected. A larger-than-expected fall in stockpiles would likely strengthen prices, whereas a smaller draw or a rise may lead to the reverse.

WTI vs. Crude Inventory Changes – Past 12 Months

Crude Oil Prices Climb Ahead of OPEC+ Meeting, Viral Concern Eases

Source: Bloomberg, DailyFX

Technically, WTI is challenging a key resistance level at $73.5 (268.2% Fibonacci extension), breaching which would likely open the door for further upside potential. The overall trend remains bullish-biased, albeit selling pressures may be seen at around the resistance level. Immediate support can be found at $70.0 – a psychological level. The MACD indicator is about to form a bearish crossover, suggesting that bullish momentum may be fading.

WTI Crude Oil Price – Daily Chart

Crude Oil Prices Climb Ahead of OPEC+ Meeting, Viral Concern Eases

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