WTI Recedes From Tops, Hovers Around $46.00

Prices of the barrel of the West Texas Intermediate start the week on the defensive, although the correction met support near $45.40 so far.

Pump Jack, Oilfield, Oil, Fuel, Industry, Petroleum

Image Source: Pixabay

WTI under pressure on pandemic concerns

After climbing as high as the vicinity of the $47.00 mark per barrel on Friday, or multi-month peaks, WTI prices now correct lower against the backdrop of renewed concerns over the impact of the coronavirus pandemic on the oil industry.

In the meantime, traders continue to digest the recent decision by the OPEC+ to gradually increase its oil output starting in January, while some profit trading in light of the recent strong advance also helps with the downside.

Later in the week, the usual reports from the API and the EIA will take centre stage on Tuesday and Wednesday, respectively.

WTI significant levels

At the moment the barrel of WTI is losing 0.66% at $45.81 and a breach of $43.94 (monthly low Dec.2) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16). On the flip side, the next hurdle emerges at $46.66 (monthly high Dec.4)

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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