Oil little changed below $50/bbl ahead of OPEC meeting

Crude oil prices remained little changed on Monday amid low volume and as investors await the upcoming OPEC meeting this Thursday. West Texas Intermediate US futures traded around $49.50 a barrel, roughly flat on the day.

The Organization of Petroleum Exporting Countries failed to reach an agreement on an output freeze earlier this year, so supply issues are expected to take center stage.

WTI technical view

“Daily basis, the RSI indicator continues consolidating near overbought levels, whilst the RSI is now flat above its 100 level and the price well above a bullish 20 SMA, all of which suggests that there is room for further advances,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price hovers around a bullish 20 SMA, whilst the technical indicators turned slightly higher around their mid-lines, presenting now a neutral stance amid the lack of intraday volatility.”

Support levels: 49.20 48.60.48.10. Resistance levels: 50.20 51.00 51.85.