Oil finished the day slightly higher, supported by renewed U.S. fiscal talks. The gains were modest though, with Brent crude 0.10% higher at $44.20 a barrel, and WTI 0.30% higher at $41.70 a barrel. Gains were tempered by news that Libyan oil production has recovered to 1.25 million barrels per day.
Both contracts continue to consolidate at the upper end of their November ranges. However, momentum has notably waned, and both are vulnerable to negative headline surprises now.
Brent crude faces challenging resistance at $45.50 and $46.50 a barrel, with support quite a distance away at $42.40 a barrel, its 100-day moving average (DMA). WTI has resistance at $43.00 a barrel, followed by the formidable $43.50 a barrel region. Support lies at $40.45 a barrel, its 100-DMA.
We still see the possibility that long positions will continue to be trimmed into the end of the week, as the initial enthusiasm of the U.S. talks fades.
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