Oil oscillates around $42.00, OPEC meeting eyed

By FXStreet FXStreet (Córdoba) – Crude oil prices were unable to gather directional strength on Tuesday, with WTI futures ending the day unchanged around $41.56 a barrel as the OPEC meeting looms. The organization will meet next Friday, although they are largely expected to maintain the status quo when it comes to production levels.

The commodity posted a lower low daily basis, as weak manufacturing data from the US and China fueled concerns over diminishing demand.

WTI technical levels

“From a technical point of view, the daily chart shows that the commodity was again capped by selling interest around a bearish 20 SMA, whilst the technical indicators present bearish slopes around their mid-lines, maintaining the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is below a bearish 20 SMA, whilst the technical indicators hover below their mid-lines, lacking momentum at the time being. Renewed selling interest below the 41.20 level, should lead to additional declines this Wednesday, eyeing then a retest of the 40.00 figure”.

Support levels: 41.20 40.60 40.00. Resistance levels: 42.30 42.80 43.40.
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Source:: FX Street