Crude oil barrels are looking ready to reverse the recent bearish price action with WTI markets getting propped up by evidence of OPEC+'s production limits coming into effect as OPEC oil supply through November and December declining 460k barrels per day to 32.68M bpd. On top of that, US API weekly stock fell from previous 6.92M to -4.5M and news from Saudi Arabia output reduction are injecting more bullishness into the black gold's price action.
Crude prices are back testing recent highs with an attempt to break above the $48 level. Momentum is looking bullish as the RSI shows us and the price is set to make a an upward move towards the purple trend line presented on the chart. If the price break above it, we will be focusing on the $50 zone again but meanwhile we will be watching the $48.90 level.
Support: 47.03 / 45.76
Resistance: 48.28 / 49.49