WTI Price Analysis: Finds bids below $82 as Saudi to continue with voluntary oil cuts

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• The oil price discovers buying interest as Saudi Arabia will continue with voluntary cuts despite deepening Middle East tensions.
• Risks of a tight oil market persist as an intervention from Iran in the conflict would be followed by sanctions on Iranian oil by the US.
• WTI stays below the 61.8% Fibo retracement, which is around $83.88

West Texas Intermediate (WTI), futures on NYMEX, rebound after a steep correction to near $82.00 in the London session. The oil price attempts recovery as Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Thursday, “We will continue voluntary cuts until year’s end.”