WTI oil – OPEC+ likely to keep its production cut and further support the price

WTI oil price rose further on Wednesday, extending advance into fourth straight day, following strong acceleration on Tuesday, which resulted in a daily gain of 2.1% and close above important barriers at $79.83/$80.00 (200DMA / psychological).

Bulls cracked next pivot at $80.52 (Fibo 38.2% of $87.61/$76.13), with close above this level to validate bullish signal and open way for further retracement of $87.61/$76.13) and expose next key levels at $81.56/87 (daily Ichimoku cloud base / 50% retracement).

Daily studies are predominantly bullish, though overbought conditions may produce headwinds and keep the price on hold for consolidation, with shallow downticks to provide better levels to re-enter bullish market.

Near-term sentiment is expected to remain positive on expectations that the OPEC+ group will keep its 2.2 million bpd voluntary production cut at a meeting on Sunday and positive demand outlook ahead of summer driving season.

Res: 80.70; 81.56; 81.87; 82.39
Sup: 80.00; 79.83; 79.11; 78.84