WTI Crude Oil Daily Analysis – November 21, 2017

Crude oil prices dipped lower on Monday and trades slightly higher on Tuesday morning as traders waited for the OPEC meeting in Vienna. Analysts expect that OPEC and non-OPEC producers will agree to extend output curb. WTI crude oil is trading at $56.73, up 0.55%.

Oil futures extended last week’s losses as traders ahead of the Organization of the Petroleum Exporting Countries (OPEC) on Nov. 30.

OPEC producers agreed to extend production cuts in May for a period of nine months until March.

The (API) American Petroleum Institute data is due to be released later on today.

Technical View

Crude Oil 4H chart has formed the “Descending broadening wedge” pattern and the last session has reached the channel’s resistance slope line which indicates that market could retest this level and turn back to bearish momentum in the upcoming sessions.

The downside rally could test $55.50-$56 levels in the upcoming sessions. Resistance holds at $57 and Support holds at $55.75.