USOIL chart - Trading View
West Texas Intermediate (WTI) was holding marginal gains on the day as markets await OPEC+ meeting outcome.
OPEC+ ministers due to meet at 1300 GMT on Monday to discuss oil output cuts amid higher fuel prices.
No substantial changes are expected. Members are likely to stick to an existing deal to lift output by 400,000 barrels per day (bpd) of oil in November.
WTI Crude Oil prices have climbed more than 50% in 2021. But analysts expect OPEC are likely to weigh the threat of new coronavirus surges against consumer calls for cheaper crude.
US oil was trading 36 cents higher at $75.98, while UK oil was up 31 cents at $79.46 at around 11:30 GMT.
Momentum studies are bullish. Volatility is high. Price action is above major moving averages. Scope for further upside.
Major resistance is seen at 76.60 (Trendline). Decisive break above will propel the pair higher. 5-DMA is immediate support, break below will see dip till 21-EMA at 72.68.
