Up until recently, OPEC had been expected to increase their output of oil by around 400k barrels per day. Although this may be changed (even if only slightly) following the coordinated effort by some oil consuming countries to release oil from their won supplies, and the rise of the Omicron variant. There are clearly multiple drivers to consider, so hopefully we’ll see prices break out of WTI’s current consolidation sooner than later. In today’s video we look at the daily structure of WTI and cover intraday support and resistance levels, taking liquidity levels into account.
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