Russia resists OPEC+ oil cuts
The Saudi's were looking for a 1 million barrel per day cut in production. The OPEC+ meeting and with no agreement is Russia still resist deeper oil production cuts. Russia wants extension of existing oil cuts only to end of Q2.
The price of crude oil futures of move lower on the headline news and currently trades down $-0.32 at $46.85. The low price just reached $46.76.
On the downside the low from yesterday and a swing low from Monday comes in around the $46.45-48. A move below that level opens up the door for further downside potential.
The run lower has taken the price back below its 100 and 200 bar moving averages on the 5 minutes chart above. Those levels come in at $47.76. It would take a move above those levels to squeeze shorts.
