■ Crude Oil is clawing back after a downside shock fueled by OPEC meeting cancelation.
■ OPEC finance minister meeting re-scheduled for November 30th.
■ OPEC is expected to focus on production cuts next week.
West Texas Intermediate (WTI) is paring back Wednesday's early losses as investor appetite recovers following a bout of uncertainty surrounding a delayed meeting for the Organization of the Petroleum Exporting Countries (OPEC).
OPEC's finance ministers' meeting for November 26th was canceled and shuffled into next week, now slated for November 30th.
The meeting, where finance ministers from OPEC member states are expected to discuss OPEC's current production quotas, was thrown into turmoil after Saudi Arabia expressed clear dissatisfaction with how many OPEC members have been producing and selling more crude oil than current OPEC caps.
US Crude Oil stocks numbers also surged on Wednesday, with the Energy Information Administration's (EIA) Crude Oil Stocks Change revealing an unexpected building of 8.701 million barrels into the week ending November 17th.
The surprise buildup is significantly higher than the expected 0.9 million buildup and adds significantly to the previous week's 3.6 million addition.
WTI Technical Outlook
Crude Oil has been no stranger to sudden chart drops in recent history, and the WTI's Wednesday decline sent US Crude Oil briefly back below $74.00/barrel before paring away most of the day's losses to rechallenge the $77.00 level.
Despite Wednesday's late-day recovery, WTI remains under fierce selling pressure, trading on the low side of the 200-day Simple Moving Average (SMA). The immediate low for WTI sits at a five-month low near $72.00, while the immediate ceiling will be last week's peak just below $88.00.
WTI Daily Chart, Source: FXStreet.
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