🛢OIL.WTI rout deepens📉

3:32 PM 21 November 2022

OPEC reportedly plans to increase production

OIL.WTI price fell nearly 4.0% on Monday after WSJ reported that OPEC reportedly is considering increasing production by up to 500,000 b/d. The OPEC+ meeting on December 4. Earlier in the session news from China put pressure on oil prices. China reported its first Covid-related deaths in almost six months over the weekend, while localized lockdowns were implemented in some areas on Monday as the world’s top crude importer continued to grapple with resurgent Covid outbreaks.

OIL.WTI price accelerated downward move and is approaching major 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 in December 2021. Source: xStation5

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