WTI Crude Oil Daily Analysis – July 24, 2017

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Published: Jul 24, 2017, 07:55 UTC

Oil prices inched slightly lower on Monday morning ahead of OPEC meeting on July 24th. The Baker Hughes report has shown that the number of oil active

Oil prices inched slightly lower on Monday morning ahead of OPEC meeting on July 24th.

The Baker Hughes report has shown that the number of oil active rigs fell by 1 to 764 last week. This suggests signs of moderating domestic production growth.

It is likely for the ministers to support the policy in order to maintain the output at current levels.

Technical Outlook

Crude oil prices did not hold at resistance which led to the drop in prices due to the fear of glut supply.

Crude Oil 4H Chart

Crude oil trades in a bearish pressure as more is expected from the OPEC and Non OPEC meeting on July 24.

It is vital to watch for further comments to get clarity on the measures that would be taken to control the production in Libya and Nigeria.

Crude oil prices currently hold at a junction point (intersection) at $45. A break below will trigger the direction towards $42-$43.65.

If prices will not break below, targets level should be between $47-49.

Today is an important day as crude oil prices can take a direction as OPEC and non-OPEC members meeting is scheduled in St. Petersburg, Russia. Traders expect further announcement about production cuts.