Chart - Courtesy Trading View
West Texas Intermediate crude oil prices slipped lower for the second straight session, surging Omicron cases weigh.
WTI dropped under $75.00 and was trading at $74.65 at around 14:00 GMT, down from session highs at $76.33.
Traders now focus on OPEC+ which will have a meeting on Tuesday, January 4, to decide on the oil supply strategy.
According to reports, OPEC+ cartel is expected to stick to its 40K barrel per day output hike plans when they meet this week.
Technical analysis shows some weakness for the pair. Upside is capped at daily cloud. After back-to-back Doji formation at highs, price action is extending weakness.
Price has slipped below 5-DMA and is currently holding support at 55-EMA. Break below will see test of 21-EMA.


FxWirePro: USD/CAD positions for another climb, eyes 1.4150 level
FxWirePro: GBP/NZD downside pressure builds, key support levels in focus
FxWirePro: USD/CAD gaining momentum for a move towards 1.4200 level
FxWirePro- Major Pair levels and bias summary
AUDJPY Weakness Deepens: Sell Rallies Toward 112 as Aussie Dollar Falters
NZDJPY Pullback: Sell Rallies Toward 93.30 as Yen Weakness Eases
FxWirePro: AUD/USD gains on Iran-US truce hopes, risk rally
FxWirePro: NZD/USD edges lower, remains on back foot
Major Pair Action Bias: Bullish Pairs to Watch Out For
FxWirePro: GBP/NZD gains some ground but bias is still bearish
FxWirePro :USD/JPY eases slightly, remains on bullish path
FxWirePro: AUD/USD dips after RBA Governor speech
FxWirePro: EUR/NZD downside pressure builds, key support level in focus
FxWirePro: NZD/USD gains as U.S.-Iran peace hopes boost risk sentiment
JPY Action Bias: USDJPY Emerges as the Clear Bullish Pair to Watch Amid Mixed Crosses
NZDJPY Action Bias: Bullish Dip-Buying Opportunity on Broad Yen Weakness 



