OIL.WTI erases early gains

OIL.WTI failed to uphold bullish momentum and is set to end the week over 2% lower as worries of the Chinese pandemic situation and reports of a high price cap by G7 nations on Russian oil eased supply worries. Markets evaluate price cap in the range of $65-70 per barrel which is higher than current prices for Urals, allaying fears that Russia would retaliate by cutting supply. Still, investors remain cautious ahead of the European Union ban on Russian crude on Dec. 5, as well as an OPEC+ meeting on Dec. 4. From technical point of view, price is once again approaching key support at $76.20, which is marked with lower limit of the 1:1 structure and 78.6% Fibonacci retracement of the upward wave launched at the end of November 2021. Should break lower occur, downward move may deepen towards local support at $68.00. On the other hand, if market sentiment improves, upward correction towards local resistance at $81.20 may be launched.

OIL.WTI, D1 interval. Source: xStation5

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