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

Source Fxstreet
  • 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.
placeholder
Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.
Author  FXStreet
Aug 22, 2023
Prioritize filling the $27,000 gap and even try higher.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Author  Mitrade
Nov 17, 2025
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
placeholder
WTI Price Forecast: Seems vulnerable near $90.50 as technical breakdown comes into playWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.
Author  FXStreet
Yesterday 01: 48
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – plummets to a nearly two-week trough during the Asian session on Wednesday in reaction to news that the US and Iran have agreed to a two-week ceasefire.
placeholder
Gold remains depressed as skepticism over US-Iran truce supports USDGold (XAU/USD) once again shows some resilience below the $4,700 mark during the Asian session on Thursday, and for now, seems to have stalled the previous day's retracement slide from a three-week high.
Author  FXStreet
6 hours ago
Gold (XAU/USD) once again shows some resilience below the $4,700 mark during the Asian session on Thursday, and for now, seems to have stalled the previous day's retracement slide from a three-week high.
goTop
quote