WTI Oil Technical Analysis: Key week reversal

• The last weekly candle is a bearish outside-week, WTI chart shows.
• OPEC and Russia are to discuss easing the self-imposed supply restrictions.

Weekly chart

Current Price: $66.80/barrel

Daily Change: -1.5 percent

Daily High: $67.15

Daily Low: $66.74

Trend: Bearish

Resistance

$67.66 (50-day MA)

$68.76 (5-day MA)

$69.56 (April 19 high)

Support

$66.65 (January 25 high)

$65.81 (previous day's low)

$65.21 (100-day MA)

The bearish outside-week candle indicates the rally from the June 2017 low of $42.06 may have run out of steam. The sharp decline from $72.90 to $65.81 could be associated with fears that OPEC and Russia may ease self-imposed supply caps at the June 22 meeting in Vienna. Saudi energy minister Khalid Al-Falih said on Friday that the Kingdom and Russia are considering pumping more oil to ease supply concerns.