West Texas Intermediate (WTI) Oil Prices Mixed Ahead of OPEC Meeting Focus
West Texas Intermediate (WTI) oil prices are showing weakness as markets prepare for the upcoming OPEC+ meeting.
Investors are cautious ahead of the event, uncertain about potential production cuts or policy shifts that could impact supply and global oil prices.
Market participants will be closely monitoring the outcome of the meeting for any clues regarding future production levels or strategies that may affect oil prices in the coming weeks.
In the meantime, WTI is facing downward pressure amid broader market volatility and US Dollar strength.
Technically, the 3-day Relative Strength Index (RSI) is negative, and the Moving Average Convergence Divergence (MACD) views a mixed signal, 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.
Daily Chart West Texas Intermediate (WTI)
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