WTI Crude Edges Higher on OPEC+ Optimism and Ceasefire Uncertainty

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Provided by Bloomberg

WTI Crude Oil Futures (January)

Wednesday’s Settlement: 68.72, down -0.05 [-0.07%]

WTI Crude Oil futures finished Wednesday’s session marginally lower after starting the session strong. Brent Crude Oil futures were not closed for yesterday’s holiday and traded higher by +0.45 as traders turned their attention to Sunday’s OPEC meeting.

Today, WTI futures are higher b y +0.44 to 69.16 on a similar trade as the prospect of delayed OPEC production hikes adds to bullish momentum. There are reports that Israel has already violated the terms of the Lebanese ceasefire. Officially, there has been no word that either group is looking to end the ceasefire.

Our key 3-star support level ending at 68.75 held once again last night as futures traded higher on improved fundamental prospects. Our pivot and point of balance has been lowered slightly to 68.90 for the day. Upside risk premia will likely be built into the contract as we head into a weekend complete with an OPEC meeting and ceasefire uncertainty. Within the current fundamental framework, risk remains skewed to the upside at these price levels.

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On the date of publication, Bill Baruch did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.