Oil Moves Below $45 While Traders Wait For OPEC+ Decision

Oil managed to settle below the $45 level and is currently testing the support at $44.40. If oil settles below this level, it will head towards the next support which is located at the previous resistance at August highs at $43.75. A move below this level will push oil towards the next support at $43.00.

On the upside, the previous support at $44.75 will likely serve as the first resistance level for oil. A move above this level will push oil above the $45 level. The next resistance is located at $45.80. If oil gets above this level, it will head towards recent highs at $46.20.