WTI Crude Oil Futures (December): Range Between $36.90 and $41.90

Russia President Vladimir Putin said the country does not rule out delaying the increase of oil production, which was planned by the OPEC+ alliance.

Energy 15

Russia President Vladimir Putin said the country does not rule out delaying the increase of oil production, which was planned by the OPEC+ alliance.

The World Bank projected that the oil prices would average $44 in 2021, as a slow recovery in demand is matched by an easing in supply restriction.

The U.S. Energy Information Administration (EIA) reported that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.0 million barrels from the previous week to 488.1 million barrels for week ending October 16. Besides, U.S. crude oil production dropped to 9.9 million barrels per day from 10.5 million barrels per day.

From a technical point of view, WTI Crude Oil futures (December) are trading within the range between $36.90 and $41.90. Currently, the prices are trading around both 20-day and 50-day moving averages. The relative strength index stays around its neutrality level at 50. Both technical indicators would suggest the neutral bias for the crude oil.

Readers could set the support level at $36.90 and $35.70, while resistance level would be located at $41.90 and $44.10.


Source: GAIN Capital, TradingView

More from Crude Oil

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.