FxWirePro: WTI fails to hold minor gains, hits fresh multi-month lows below 45 mark as concern about outlook for demand weighs

U.S. oil chart on Trading View used for analysis

• U.S. oil price was rejected at session highs at 46.20, slips lower to currently trade at 44.78.
   
• Sentiment continues to be dented by the looming supply glut worries and economic growth concerns.
   
• OPEC and allied oil producers are ready to hold an extraordinary meeting and will do what is needed if the current cut in oil output by 1.2 million barrels per day does not balance the market next year, the United Arab Emirates' energy minister said on Sunday.
   
• Markets skeptical whether the planned supply cuts by the OPEC and other producers such as Russia will be able to stabilize the oil markets.
   
• Technical studies are biased lower. Price action below cloud and major moving averages. Extends weakness below 200-W SMA.
   
• We see scope for test of major trendline support at 42 mark. Violation there could see further weakness.
   
• On the flipside, breakout at 5-DMA could see gains upto 21-EMA at 50.32.

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