Chart of the day - OIL.WTI (05.07.2021)

OPEC+ failed to reach an agreement on the future output level last week. Talks were initially scheduled for Thursday but after no progress was made, they were extended onto Friday. However, no agreement was reached on Friday either and negotiations are set to resume today at 2:00 pm BST in Vienna, Austria.

A proposal to increase daily output by 400k on a monthly basis, starting from August, seem to have broad support but disagreements surfaced when it came to distribution of this agreement. The United Arab Emirates wants an adjustment to the baseline output, a move that will allow it to pump more. Energy Minister of Saudi Arabia called for UAE to prioritize compromise and rationality.

While output increase in general does not look to be in danger, investors seem to have become somewhat worried. Bull run on the oil market was halted and crude has traded sideways since Thursday afternoon. OIL WTI trades near the midpoint of a steep upward channel. Lower limit of the channel at around $73.75 is a near-term support to watch. In case a bigger downward move occurs, 23.6% and 38.2% retracements can be the next targets for bulls.

Traders should keep in mind that due to the US holiday, trading hours on OIL.WTI have been shortened today. OIL.WTI will trade until 6:00p m BST.

Source: xStation5

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