WTI advances to near $83.10 due to expected supply constraints stemming from OPEC+ cuts

Source Fxstreet
Apr 1, 2024 03:41
  • WTI oil price extends its winning streak due to the likelihood of OPEC+ retaining output policies.
  • Ukrainian drone stacks have rendered offline nearly 1 million bpd of Russian Crude processing capacity.
  • Crude oil demand could be enhanced due to the recent expansion in Chinese manufacturing activity.

West Texas Intermediate (WTI) oil price is on an upward trajectory for the third successive session, with the commodity trading around $83.10 per barrel during Asian trading hours on Monday. The sustained increase in Crude oil prices is attributed to anticipated supply constraints stemming from production cuts by the Organization of the Petroleum Exporting Countries and their allies (OPEC+).

Investors are eagerly awaiting the OPEC+’s joint ministerial meeting scheduled for this week. It is anticipated that during the meeting, OPEC+ will assess market fundamentals and members' adherence to production targets, with widespread expectations for the retention of current output policies.

Furthermore, Russian Deputy Prime Minister Alexander Novak emphasized on Friday that oil companies should prioritize reducing output over exports in the second quarter to align with OPEC+ production targets. He also stated that there is no necessity for Russia to impose export bans on diesel to address escalating prices and potential fuel shortages following drone attacks that disrupted refining capacity.

Ukrainian drone strikes have crippled numerous Russian refineries, leading to a decline in Russia's fuel exports. These attacks have rendered nearly 1 million barrels per day of Russian Crude processing capacity inactive.

Official data revealed that Chinese manufacturing activity witnessed its first expansion in six months in March, enhancing the outlook for Crude oil demand in the world’s leading Crude importer. Analysts at Goldman Sachs noted that oil demand in Europe exceeded expectations, with a year-on-year increase of 100,000 barrels per day (bpd) recorded in February, contrasting with their earlier projection of a 200,000 bpd decline for 2024.

WTI US OIL

Overview
Today last price 83.12
Today Daily Change 0.30
Today Daily Change % 0.36
Today daily open 82.82
 
Trends
Daily SMA20 80.03
Daily SMA50 77.8
Daily SMA100 75.72
Daily SMA200 78.63
 
Levels
Previous Daily High 82.9
Previous Daily Low 81.27
Previous Weekly High 82.9
Previous Weekly Low 80.35
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 82.28
Daily Fibonacci 61.8% 81.89
Daily Pivot Point S1 81.76
Daily Pivot Point S2 80.7
Daily Pivot Point S3 80.13
Daily Pivot Point R1 83.39
Daily Pivot Point R2 83.96
Daily Pivot Point R3 85.02

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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