WTI crude oil futures settle at $46.26

Technical Analysis

Author: Greg Michalowski | wti-crude-oil-futures

5th straight weekly increase

The WTI crude oil futures are settling at $46.26. That is up $0.62 or 1.36%. The gains this week were the 5th straight weekly increase.

WTI crude oil futures

The high today reached $46.68. The low extended to $45.61.

Technically, the high price extended above the 61.8% retracement of the 2020 trading range at $46.43, but could not sustain momentum above that level into the settlement today. The price last week closed at $45.53.

The low price this week reached $43.92 on Wednesday. The high price was today's high at $46.68.

This week OPEC+ announced it would pare current production cuts by 500,000 barrels per day starting in January from the current production cuts of cuts of around 7.7 million barrels per day (so to 7.2 million barrels per day).  They will also assess supply and demand conditions on a monthly basis. If conditions warrant additional changes in production, they will only raise production in 500,000 increments. 
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