Oil prices dip on OPEC+ failure to reach consensus for deeper production cut

WTI oil price fell on Thursday and reversed a half of previous day’s gains, as sentiment soured after OPEC+ group failed to agree on increased production cut in emergency meeting, held today, adding to negative signal on larger than expected rise in US crude inventories on Wednesday
Earlier this week, the cartel  announced readiness to increase existing 1.7 million BPD reduction by additional 600,000 barrels, in attempt to combat rising concerns about negative demand impact on coronavirus outbreak.
Fresh weakness partially offsets reversal signals of inverted hammer reversal pattern that has formed on daily chart, after recovery attempts repeatedly stalled and were capped by falling 10DMA ($52.00).
Larger bears remain firmly in play, supported by rising negative daily momentum, however, the price continues to face headwinds from psychological $50 support (cracked on Tue/Wed but so far without clear break) and oversold studies that may keep near-term price action in extended consolidation before eventual break lower.
Bias is expected to remain with bears while 10DMA caps, while break higher would sideline bears in favor of stronger corrective attempt.

Res: 52.00; 52.28; 53.37; 54.36
Sup: 50.35; 50.00; 49.41; 48.26