WTI Crude Oil Futures (December): Range Between $36.90 and $41.90

Russia President Vladimir Putin said the country does not rule out delaying the increase of oil production, which was planned by the OPEC+ alliance.

Energy 15

Russia President Vladimir Putin said the country does not rule out delaying the increase of oil production, which was planned by the OPEC+ alliance.

The World Bank projected that the oil prices would average $44 in 2021, as a slow recovery in demand is matched by an easing in supply restriction.

The U.S. Energy Information Administration (EIA) reported that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 million barrels from the previous week to 488.1 million barrels for week ending October 16. Besides, U.S. crude oil production dropped to 9.9 million barrels per day from 10.5 million barrels per day.

From a technical point of view, WTI Crude Oil futures (December) are trading within the range between $36.90 and $41.90. Currently, the prices are trading around both 20-day and 50-day moving averages. The relative strength index stays around its neutrality level at 50. Both technical indicators would suggest the neutral bias for the crude oil.

Readers could set the support level at $36.90 and $35.70, while resistance level would be located at $41.90 and $44.10.

Source: GAIN Capital, TradingView

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