WTI gains ground above $76.50, eyes on US GDP data, OPEC+ meeting

• WTI posts a modest recovery near $76.60 on Wednesday.
• OPEC+ is expected to extend or deepen supply cuts until next year.
• A major storm in the Black Sea area has interrupted oil exports from Kazakhstan and Russia, up to 2 million bpd.
• Traders will monitor the US GDP data for fresh impetus.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $76.60 so far on Wednesday. The recovery of WTI prices is bolstered by the possibility that OPEC+ will cut production and the weaker US Dollar (USD).

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will meet on Thursday to discuss supply cuts. Saudi Arabia, the world's major oil exporter, is expected to extend oil supply cuts by 1 million barrels a day until next year, while Russia might consider further supply cuts with its 300,000 barrels per day. If OPEC+ agrees to extend or deepen supply cuts, this could cap the downside of WTI prices.

Furthermore, traders are worried about supply disruptions from Kazakhstan. That being said, a major storm in the Black Sea area has interrupted oil exports from Kazakhstan and Russia, up to 2 million barrels per day (bpd).

Meanwhile, the softer US Dollar might benefit the USD-denominated WTI prices. However, traders will take more cues from the US Gross Domestic Product Annualized for the third quarter (Q3) on Wednesday, which is expected to expand 5.0%. The weaker-than-expected data could raise concern about the world’s largest economic outlook and weigh on WTI prices. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around WTI prices.