Key Points:
- CL-OIL (WTI Crude) opened at $68.06 but fell to $66.79, marking its fourth consecutive session of losses.
- Prices hit a low of $66.30 before recovering slightly, yet remain pressured by global trade tensions.
- OPEC+ production increase plans and slowing economic growth weigh on oil demand.
- Investors are watching U.S. economic data and trade policy developments for further market direction.
WTI Crude Extends Decline Amid Weak Sentiment
CL-OIL (WTI Crude) continued its downward trend, settling near $66.79 after falling from an intraday high of $68.54.
The commodity remains under pressure as supply-side concerns and global trade uncertainties dampen market confidence. Despite a modest technical rebound, oil prices remain fragile, struggling to hold gains.
Trade Uncertainty Adds to Bearish Momentum
U.S. trade policies remain a key driver of market sentiment. New tariffs on Canada, Mexico, and China raise concerns over disrupted crude flows and weakened global economic growth. Additionally, OPEC+ confirmed production hikes starting in April, further exacerbating oversupply risks.
Technical Analysis
Picture: CL-OIL rebounds to 66.790 after testing support at 65.21, with signs of recovery emerging, as seen on the VT Markets app.
CL-OIL dropped 1.87%, closing at 66.790 after opening at 68.063. The price hit a high of 66.840 and a low of 66.305, reflecting bearish momentum.
The moving averages (MA 5,10,30) indicate a downward trend, with short-term MAs below the longer-term average. The MACD (12,26,9) histogram has turned positive after a deep negative phase, suggesting early signs of a potential recovery.
Key support is at 65.21, while resistance is at 68.54. A breakout above resistance could trigger further upside, while failure to hold support may lead to extended losses.
Market Outlook
WTI crude remains under pressure as traders weigh supply risks and global economic uncertainty. Market participants are closely watching trade policies and economic data, which could influence demand trends.
Any signs of easing trade tensions or stronger economic growth could help stabilize oil prices, while further bearish sentiment could keep them under pressure.
