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.

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.