FXStreet (Mumbai) - Oil prices are up at both the sides of the Atlantic in what appears to be a largely chart driven move - technical correction after sliding for more than a week. At the time of writing, WTI oil Jan futures were up 52 cents or 1.4% at USD 36.81/barrel. Brent Feb futures were up 71 cents or 1.94% at USD 38.90/barrel. OPEC’s decision to lift output ceiling on Dec 4th triggered a fresh sell-off in oil. The concerns of excess supply persist and markets believe the situation could last well beyond 2016. However, the RSI on the hourly charts had hit the oversold territory, which may have led to profit taking before another wave of selling resumes. Moody’s reduce oil price forecasts Moody's lowered its price assumption in 2016 for Brent crude oil, the international benchmark, to USD 43 from USD 53/barrel and for West Texas Intermediate (WTI) crude, the North American benchmark, to USD 40 from USD 48/barrel. The investors service cited continued high levels of production by global oil producers have "significantly exceeded" growth in oil consumption as the reason for the downward revision of the price forecasts. For more information, read our latest forex news.