- Oil.WTI is trading slightly lower today after a quiet European session
- The market is attempting to recoup some of the losses seen following the OPEC decision to extend output cuts
- A bullish cross has been printed on the 8 and 21 EMAs on D1
The price of Oil has been volatile of late with Oil.WTI declining sharply and falling back into bear market territory despite OPEC extending their production cuts. Last week saw fairly impressive gains however and price is back near the $47 handle. This region has been something of a swing zone previously and bulls will look to push price back above here to signal that the recovery that begun around a month ago has further gains ahead.
From a technical perspective the 8 and 21 period EMAs have just printed a bullish cross on D1. This could be seen as an indication of a trend change and a break above 47.20 would further support the case for a greater recovery of the post-OPEC declines