Meeting ends
The OPEC+ JTC meeting has ended with no policy recommendations. This according to OPEC+ sources.
The sources also report that OPEC+ JTC keeps 2021 global oil demand growth that 6 million barrels per day.
The price of WTI crude oil futures is trading back below its 100 hour moving average at $73.31. The next target comes in at the 200 hour moving average at $72.71.
In trading today, the sellers tried to push the price below the 200 hour moving average, only to find support buyers against day lower channel trendline. More recently the traders took the price above the 100 hour moving average only to fail on that break higher.
So buyers and sellers are battling it out today with not much luck on breaks higher or lower from a technical perspective (frustration).
At some point there will be a shove with momentum in the direction of the break.
The lower trendline currently comes in at $72.23 (and moving higher). Move below the 200 hour moving average and trendline, should increase the bearish momentum.
Conversely a move back above the 100 hour moving average line will have traders looking toward the swing high going back to June 21 at $73.94. Above that level, and the high price from yesterday at $74.42 (that is the cycle high) would be targeted.
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