WTI Crude Oil (current price: $50.76)
Oil is trading lower today in early trading as the uncertainty regarding the OPEC’s production cut continues to weigh on the crucial currency. Iraqi officials expressed their concerns about the low level of the country’s output following years of military conflict, and Russia also seems to back off from the deal. WTI Crude is still trading between $50 and $52, as the rising 200-day MA near $44 still points to the possible continuation of the long-term uptrend.
Our assessment: Oil is facing strong resistance near the $52 level, as the global correction in stocks continues to threaten the current rally, as well as the speculation regarding a rate hike by the FED.
