WTI Crude Oil (current price: $45.13)
The crucial commodity is bouncing around between the $44 support and the $46.50 resistance, as volatility is rising yet again, with the supply conditions still being concerning. Saudi Arabia offered a 500,000 barrel output reduction to the members of the OPEC and that news caused a small bounce this morning, following Friday’s 4% decline, but the underlying picture is still neutral as WTI Crude is still well below the all-important $50 level.
Our assessment: The correction in risk assets on the last session of the week pushed oil lower, as traders might still focus on the short-term support/resistance levels to determine the direction of the next meaningful move.
