Crude Oil Price Update – OPEC + Bullish Decision Could Trigger A Break Over $ 76.98 at $ 80.00

US West Texas Intermediate crude oil futures closed higher on Friday, ending just below a three-year high reached earlier in the week. All eyes will be on Monday’s OPEC + plus meeting, where OPEC ministers are expected to maintain a steady pace to increase supply.

OPEC and its allies meet on Monday. The group is slowly reversing record production cuts made last year, although sources have told Reuters it plans to do more to increase production.

On Friday, WTI crude oil for December stood at $ 75.58, up $ 0.88 or + 1.18%.

If OPEC + continues to post the expected 400,000 bpd increase in November, then expect prices to continue to rise. If they decide to increase production to 600,000, for example, look for the start of a short-term sale.

Technical analysis of the daily swing chart

The main trend is upward on the daily swing chart. A trade at $ 76.26 will signal a resumption of the uptrend. A move to $ 69.05 will change the main downward trend.

The minor range is $ 76.26 to $ 72.82. The market closed on the right side of its pivot at $ 74.54 on Friday, making it a support.

The short-term range is $ 69.05 to $ 76.26. His $ 72.66 to $ 71.80 retracement area is a key support area.

Technical forecasts of the daily swing chart

The direction of the December WTI crude oil market early Monday will likely be determined by the reaction of traders at $ 74.54.

Bullish scenario

A sustained move above $ 74.54 will indicate the presence of buyers. The first target on the upside is $ 76.26. Removing this level will indicate that the buy is getting stronger. This could trigger a rally in the main July 6 high at $ 76.98.

The major high at $ 76.98 is a potential trigger point for an upward acceleration, with the psychological level of $ 80.00 being the next likely target.

Bearish scenario

A sustained move below $ 74.54 will signal the presence of sellers. If this move creates enough downside momentum, look for an acceleration of the sell to $ 72.82, followed by $ 72.66 to $ 71.80.

Buyers could step in on the first test from $ 72.66 to $ 71.80, but if the latter fails as support, look for downward acceleration. The daily chart indicates that there is a lot of room on the downside with potential targets a major floor at $ 69.05 followed by a retracement area at $ 68.69 to $ 66.90.