Up $0.12 or 0.32%
The price of WTI crude oil futures are settling at $37.41. That is up $0.12 or 0.32%. The high for the day reached $37.60. The low for the day extended to $36.38.
OPEC+ have still not confirmed the day for its during meeting. Saudi Arabia and Russia have reached a preliminary deal to extend up curves for an extra month. Iraq, however, is so far not in agreement
The Saudi’s are intent on getting the OPEC members to comply with the production cuts. We have already seen what they are willing to do after they increased production after Russia failed to get in line with production cuts earlier this year. They may look to do it again if the cheaters (i.e. Iraq) doesn’t get in line.
Looking at the daily chart, the price has extended up to the 100 day moving average at $37.61, but found sellers. The high today reached $37.62. It will take a move above that moving average with momentum to solicit more buying. On a break higher, the 50% retracement at $40.11 would be the next target.
If the sellers take charge, a move back below the broken 38.2% retracement at $34.72 would give the sellers more confidence.