WTI is near the key long-term resistance ahead of the OPEC+ decision. OPEC+ is discussing whether to continue increasing the output or pass this meeting to support rising prices. Russia and Saudi Arabia are the main sides. Russia wants to increase production while Saudi Arabia prefers a more cautious approach. Oil output not only affects oil prices but global inflation as well. If OPEC+ passes this month, pressure on inflation throughout the world will get even higher. According to sources, Russia and Saudi Arabia agreed on a cautious increase, less than 0.50 million barrels per day, but the final agreement is still on the table.
76.50 is a key resistance level for the WTI over the long term. If WTI makes weekly closes over this resistance, bullish pressures will continue. Despite that, technicals showing signs of caution for the bulls. A wedge formation formed, RSI showing negative divergence on the overbought zone. If the signs are confirmed and the price reverse to the downside, WTI may pull back to 66.50-63.30 levels.
