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19 Oct 2020

WTI retreats from monthly highs near $41.50 ahead of OPEC+ meeting

  • WTI fades a spike to $41.45, still in monthly highs.
  • US oil trades flat amid China GDP miss, positive equities.
  • OPEC+ to discuss weakening oil demand outlook.

WTI (futures on NYMEX) is off the monthly highs of $41.47, posting small losses around the $41 level, as investors look to take profits off the table ahead of the OPEC and its allies (OPEC+) meeting due later on Monday.

The pullback from multi-week highs can be mainly attributed to the Chinese Q3 GDP disappointment. The Chinese economy expanded less-than-expected in Q3, underscoring concerns over the demand for oil from the world’s second-largest oil consumer.

Despite the retreat, the sentiment around the higher-yielding oil remains underpinned by the upbeat market mood, as markets remain hopeful of a potential US fiscal stimulus and coronavirus vaccines.

Further, the risk-on rally in the global markets weighs on the safe-haven US dollar, in turn, benefiting the USD-sensitive black gold. A weaker greenback makes the dollar-denominated oil cheaper for foreign buyers.

Also, backing the bullish case in the WTI barrel, the OPEC+ is set to meet today to discuss the weakening oil demand outlook, in the face of the coronavirus resurgence on both sides of the Atlantic. The OPEC+, which includes top producers – Saudi Arabia and Russia, is also likely to talk about the increased Libyan oil output.

Although the OPEC+ is unlikely to recommend any immediate action to tackle the dwindling demand prospects, any measures/ comments to support the prices could offer fresh zest to the WTI bulls.

WTI Technical levels

“Following that, September 04 high near $42.10 holds the key to the commodity’s further upside towards the late-August lows surrounding $43.50. Alternatively, a downside break of the nearby support line, at $40.78 now, can recall sellers to attack the $39.70-60 support zone comprising 200-bar SMA and the triangle’s support,” FXStreet’s Analyst Anil Panchal explained.

WTI Additional levels

 

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