{"id":54116,"date":"2021-11-04T19:25:03","date_gmt":"2021-11-04T15:25:03","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=54116"},"modified":"2021-11-04T19:25:07","modified_gmt":"2021-11-04T15:25:07","slug":"wti-crude-oil-reacts-to-opecs-decision-by-retreating-to-81","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/wti-crude-oil-reacts-to-opecs-decision-by-retreating-to-81\/11\/04\/market-updates\/","title":{"rendered":"WTI crude oil reacts to OPEC\u2019s decision by retreating to $81"},"content":{"rendered":"\n<p>As widely anticipated, OPEC+ has agreed to stick to their existing plan to increase output by 400K barrels per day\/month in December. <br><br>Despite this news, trade has been uneven over the last hour, with oil prices having fallen back sharply from earlier highs. <br><br>Front-month WTI futures, which were above $83.00 less than two hours ago, have now dropped back to the mid-$81.00s, though that still leaves WTI higher by well over $1.0 on the day.<br><br>The recent emergence of selling pressure could be technical; on Wednesday, during oil\u2019s sharp selloff, WTI dropped below a long-term uptrend that had been supporting the price action all the way back to 20 August and had been respected on multiple occasions.<br><br>When prices recovered back above the $83.00 level on Thursday and retested this prior uptrend, technical sellers might have used this as an opportunity to load up on short-positions again.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As widely anticipated, OPEC+ has agreed to stick to their existing plan to increase output by 400K barrels per day\/month in December. Despite this news, trade has been uneven over the last hour, with oil prices having fallen back sharply from earlier highs. Front-month WTI futures, which were above $83.00 less than two hours ago, &hellip;<\/p>\n","protected":false},"author":13,"featured_media":52825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6936,7004,7476,7685],"class_list":["post-54116","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-oil-prices","tag-opec-2","tag-selloff","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/54116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=54116"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/54116\/revisions"}],"predecessor-version":[{"id":54141,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/54116\/revisions\/54141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52825"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=54116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=54116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=54116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}