WTI Crude Oil Daily Analysis – September 13, 2017

Crude oil prices settled higher on Tuesday and trade slightly higher on Wednesday morning as Hurricane Irma impact has been assessed by investors and OPEC’s monthly report.

The OPEC’s monthly report revealed that production in August fell for the first time since March by 79,000 barrels a day (bpd) to 32.76 million.

Mohammad Barkindo, OPEC’s secretary-general said: “It is clear the rebalancing process is under way,” and expressed optimism that growing demand in the second of the half of year would continue to dent excess supplies.

The EIA inventory report is due to be released later on today.

Technical View

Crude oil prices have formed a “Symmetrical triangle”. Support holds at $ 46.60 and resistance holds at $ 49.50 and above the 200-day moving average. It’s likely that crude oil prices will make their third attempt to retest the $50.

On the daily chart, the 50-day moving average crossed over the 100-day moving average at $47.40 which indicates a bullish momentum.