Crude Oil: WTI Fresh Rebound Unable to Sustain Price Past $25.00 Despite OPEC+ Production Cut

Crude Oil: WTI Fresh Rebound Unable to Sustain Price Past $25.00 Despite OPEC+ Production Cut

USDWTI Price Analysis – April 13

Despite the enormous losses, WTI reluctantly welcomes the OPEC+ deal, as the market matches it to initial forecasts of 20 million barrels a day of cuts as fresh recovery seems unable to sustain rates beyond $25.00 level. Although further recovery is anticipated, the lack of major economic calendar events may limit price volatility.

Key Levels
Resistance Levels: $28.22, $27.40, $25.00
Support Levels: $21.50, $20.08, $17.00

USDWTI Long term Trend: Bearish

From the daily chart, USDWTI has declined to test liquidity beneath the low level of the last session around $22.07, in the medium to long term, towards this perspective oil prices may probably stay at their current levels.

Nevertheless, USDWTI should rebound and push above today’s initial high of about $25.00 level and go on to break through the $27.40 mark, shifting the medium to long-term view of bearish.

USDWTI Short term Trend: Ranging

Oil rates moved down on the flipside, but overall market action on the day was down just 0.28 percent. A high selling momentum supports another attempt to breakout down below.

It has driven oil prices down. Additional declines may see a re-test of the $21.50 level. But the current setup may suggest a possible rebound, as long as the level of $21.50 remains intact.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.