Oil Looks to the World Petroleum Congress Today

The price of US WTI crude oil continues to fall lower. This comes despite a better than expected drawdown in US crude oil inventories. The EIA reported, yesterday, that US production rose to 9.34 million barrels per day last week. This is the largest weekly increase since January.

Oil investors now turn to the World Petroleum Congress meeting this week, starting today, in Istanbul, Turkey. Investors will look for comments from industry leaders to gauge OPEC officials and their allies will make any comments on deeper output cuts. Or the possibility for more. It is very unlikely that OPEC or non-members will agree to more production cuts at this time.

Crude Oil Technical Analysis

Let us look into today’s crude daily technical analysis. The price of the black gold has fallen for three straight trading days. There is now a support cluster zone near 43.50 to 43.80 (May 5 low price point). A daily close below this first downside barrier will challenge the next downside cluster zone starting at the June 21 low. This area is at 44.95 to 44.30.

The alternative technical analysis notes a resistance cluster zone running from a former support level. This area is at 44.95 to 44.33. The next resistance cluster zone runs from $47 per barrel to 47.10.