FxWirePro: WTI extends sideways grind ahead of OPEC+ meeting

USOIL chart - Trading View 

West Texas Intermediate (WTI) crude oil prices were extending sideways grind for the 3rd consecutive session. 

A weaker demand outlook in China, rising coronavirus cases and geopolitical concerns weigh on oil price.

U.S. crude was at $68.61 a barrel, and Brent crude at $71.76 per barrel, at the time of writing, largely unchanged on the day.

Traders await an OPEC+ decision due later today, where major producers will decide whether to go ahead with their plan to add supply. 

OPEC+ will decide on whether to add 400,000 barrels per day each month through December, as they expect the market to remain in deficit until the end of 2021.

Data released by the American Petroleum Institute (API) industry on Tuesday showed US crude inventories fell by 4 million barrels for the week ended August 27.

Focus now remains on US Energy Information Administration (EIA) inventory data to gauge the market sentiment.

WTI is capped at daily cloud resistance, decisive break above required for upside continuation. Retrace below 21-EMA negates any upside.