WTI Crude Oil – Top Two Things to Know this Week!

During the Asian session today, the WTI crude oil prices edged by more than 1% to trade near $53.74. There are several reasons behind this bullish wave:

1- Qatar, one of the members of OPEC (Organization of Petroleum Exporting Countries), said it will quit OPEC to concentrate on gas. However, the state-run company will still export crude oil. This news hit the market as a surprise, causing uncertainty in the market. This is why the oil prices are supported today.

2 – OPEC Meeting, Dec 6: The Organization of the Petroleum Exporting Countries (OPEC) will meet on December 6 at its headquarters in Vienna, Austria, to decide on a joint production policy. OPEC will also review policy with non-OPEC members like Russia. The sentiments of output cut are underpinning crude oil prices today.

Support Resistance
52.28 53.97
51.37 54.75
49.68 56.44
Key Trading Level: 53.06

On the technical side, crude oil has broken out of a long-held sideways range of $52 – $49.50. At the moment, oil is trading at $54.03 and it’s crossing above 100 periods moving average. This bullish crossover is very likely to go after $55 today.