WTI hits fresh weekly lows near $ 45.50

Oil futures on NYMEX reversed gains and fell back into the red zone in Europe, having extended its losing streak for the third straight session, as the OPEC and non-OPEC meeting gets underway.

WTI eyes on Libya, Nigeria output cap

The black gold is seen making minor-recovery attempts over the last hour, as markets digest the latest headlines hitting the wires from the OPEC and non-OPEC meeting, with the Saudi Arabian oil minister Al-Falih citing that there has been no discussion on deeper output cuts so far, while adding that they will further discuss output cap on Libya and Nigeria.

Also, comments from the Russian energy minister Novak continue to weigh on investors’ sentiment. Russia’s Novak: Libya and Nigeria should cap output when their output stabilizes

Oil prices edged slightly higher earlier today, after Friday’s CFTC report showed that Bullish bets on WTI rose to the highest level since late-April. All eyes now remain on the developments surrounding the OPEC meeting and also on the US-Venezuela political news, which could have a significant impact on the prices. At the time of writing, WTI trades 0.23% higher at $ 47.03, while Brent rises +0.34% to $ 49.45.

WTI technical levels 

Higher side: $ 46.22/28 (5 & 10-DMA), $ $ 46.50/74 (psychological levels/ Jul 14 high), $ 47.84 (100-DMA)

Lower side: $ 45 (round number), $ 44.65 (Jun 29 low), $ 43.83 (Jul 11 low)