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WTI OIL – bears hold grip on demand concerns, OPEC+ decisions

WTI oil price fell below $72 on Wednesday and trading at the lowest levels in five months.

Bear-leg from $79.57 (Nov 30 peak) extends into fifth straight day, as decision of OPEC+ to extend production cuts and further reduce output from January did not satisfy market expectations, with growing concerns over fuel demand on clouded outlook for China’s economic health, additionally souring the sentiment.

Daily technical studies are weak as 14-d momentum stays in the negative territory and moving averages are in bearish configuration (multiple death-crosses contributing to negative near-term outlook.

Tuesday’s close below former low at $72.36 (Nov 16) generated fresh signal of bearish continuation, after larger bears were paused for $72.36/$79.57 consolidation, opening way for attack at $70.31 (200WMA) and psychological $70 support.

Meanwhile, bears may take a breather on oversold conditions, with upticks to provide selling opportunities while the price stays below falling 10DMA ($74.77).

Res: 72.36; 74.10; 74.77; 75.76
Sup: 71.31; 71.00; 70.31; 70.00