Crude Oil: WTI Plummets Beneath $47 After Likely Deepening Oil Output Cuts

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USDWTI Price Analysis – March 5

OPEC members rallied to discuss a reduction of 600,000 barrels per day (BPD) of oil production to raise crude oil prices, affected by global demand problems caused by a coronavirus. In general, the product is traded at the bottom of its range, and any drop below $47.00 may lead to a further selling mood.

Key Levels
Resistance Levels: $65.62 $54.40, $48.64
Support Levels: $46.00, $44.83, $43.83

USDWTI Long term Trend: Bearish

The WTI barrel is expanding its latest decline to $46.50 level, as a renewed wave of risk aversion combined nervousness in anticipation of OPEC’s decision to keep the bulls at bay.

Black gold is losing 0.70%, trading at the lowest levels in three days, as sellers now converge to the support zone at $46.

USDWTI Short term Trend: Ranging

Although WTI is at a two-day-old range handles, WTI is up 0.45% to $47.50 in the Asian session on Thursday.

While an area of $48.64–$46.00 levels restricts short-term black gold movements, the RSI range, as well as multiple support around $44.83–$43.83, are favorable for buyers.

Instrument: USDWTI
Order: Buy
Entry price: $46.50
Stop: $46.00
Target: $48.64

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