■ WTI crude oil reverses four consecutive days of declines with 2% Tuesday surge
■ Improved risk appetite across financial markets supports commodity rebound
■ All eyes on postponed OPEC+ meeting scheduled for November 30
West Texas Intermediate crude futures found renewed buying interest during Tuesday's session as broader market sentiment shifted toward risk assets. The energy commodity climbed from early lows near $75 to challenge the $77 level in late trading.
This recovery comes after recent pressure stemming from internal disagreements within OPEC+ regarding production quotas. The cartel's delayed ministerial meeting now looms as a potential catalyst for further price movement.
Market participants note that Saudi Arabia continues advocating for stricter output cuts to maintain elevated global prices. However, several smaller producers reportedly resist these measures, preferring higher production volumes to meet fiscal requirements.
Technical Perspective on WTI Movement
From a chart perspective, WTI faces immediate resistance near the 200-day moving average around $78. Repeated tests of this level have resulted in pullbacks, suggesting continued overhead supply.
On the support side, the $73-$75 zone has demonstrated resilience, with multiple rejections of downside attempts. Bulls will need to push prices above $80 to confirm a more sustainable recovery, especially as moving averages threaten a bearish crossover pattern.
The upcoming OPEC+ decisions could determine whether this rebound extends or falters. Market watchers anticipate either deeper production cuts or potential quota disagreements that might pressure prices lower.
