WTI Crude Oil (current price: $44.86)
Oil had another swift change of direction on Tuesday, as the market continued to be dominated by the news flow regarding the possible production cut by the OPEC. The Saudi-Iranian talks finished without any meaningful results and that weighed heavily on the price of the crucial commodity in late trading yesterday. WTI Crude is still stuck between the $44 support and the $46.50 resistance levels, as global supply issues continue to weigh on the commodity.
Our assessment: The short-term movements in the U.S. Dollar and the mixed fundamental news might lead to further volatility in the price of oil, as the recent correction in risk assets might be fading.
