West Texas Intermediate (WTI) Oil Prices Mixed Ahead of OPEC Meeting Focus
West Texas Intermediate (WTI) oil prices drifted following positive economic data from top importer China, with attention now shifting to the upcoming OPEC+ meeting for supply cues.
The conference, which includes OPEC members and allies such as Russia, is scheduled for this Thursday after being delayed by four days.
Technically, the 3-day Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show mixed signals, while the Average Directional Index (ADX) indicates a ranging market.
Following a recent bounce from support at $66.60–80, the next upside target is $72.20–25.
Traders should reassess their positions at this level to manage potential profit-taking.
In other reports, U.S. energy firms reduced oil and gas rigs for the third consecutive week, with Baker Hughes noting a decline of one rig to 582 as of Nov. 27, the lowest since September.
Oil rigs dropped by two to 477, their lowest level since July, while gas rigs increased by one to 100.
This reflects a 7% year-over-year decrease.
Daily Chart West Texas Intermediate (WTI)
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