WTI Crude Oil (current price: $48.19)
Oil turned volatile on Tuesday, as several reports surfaced regarding the ongoing OPEC talks. The member countries are still not sure about the proposed supply cut, with the meeting being only one week away. The crucial commodity dropped sharply in the morning session, after breaking above the key $49 resistance level. WTI crude recovered above the $48 level in late trading, after falling by more than $2 during the session.
Our assessment: Oil is still in a short-term uptrend despite yesterday’s correction. Resistance is found at the 449 level with strong support at $46.50.
