Technical Analysis<\/h2>\n\n\n\n
Crude oil has staged a sharp recovery off the $56.38 low, closing near $59.67. After declining sharply from $60.13, the price stabilised near the lower range before reversing. The moving averages (5, 10, 30) have now flipped into a bullish alignment, with price holding above all three lines and maintaining an upward trajectory.<\/p>\n\n\n\n The MACD (12,26,9) confirms this bullish momentum with a clean crossover and rising green histogram bars, though the slope is beginning to flatten \u2013 hinting at short-term exhaustion. Resistance near $59.85\u2013$60.13 is the next key barrier to watch. If breached, this could open the door for a retest of $61.00.<\/p>\n\n\n\n For now, momentum favours bulls, but consolidation may follow after such an aggressive rebound.<\/p>\n\n\n\n Meanwhile, President Trump stoked fresh geopolitical concerns by warning of possible secondary sanctions against nations continuing to purchase oil from Iran. These comments came after US-Iran nuclear negotiations collapsed, prompting Washington to double down on efforts to halt Iran\u2019s oil exports entirely, a recurring factor that has tended to support higher prices in the past.<\/p>\n\n\n\n Despite this, gains may be capped. Reports from Reuters suggest Saudi Arabia is hesitant to maintain current output cuts, even as oil remains below its favoured price range. A key OPEC+ meeting<\/a> involving eight member countries is scheduled for 5 May, where plans for June output will be finalised. Some participants are reportedly pushing for a second straight production increase. In the meantime, rising output from non-OPEC nations continues to pressure the group\u2019s efforts to manage global supply.<\/p>\n\n\n\n As Beijing\u2019s trade stance evolves and OPEC+ debates its next move, oil markets are expected to remain highly sensitive to breaking news. While the rebound has cleared short-term hurdles, any further rally depends on clarity from the US and Saudi leadership. For now, traders should closely watch the $60.13 level as a key indicator of continued bullish momentum.<\/p>\n\n\n\n Create your live VT Markets account<\/a><\/strong> and start trading now.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices climbed on Friday, buoyed by renewed optimism surrounding US-China relations. West Texas Intermediate (WTI) crude advanced by 0.8%, closing at $59.74 per barrel, while Brent crude also moved higher, adding 49 cents to finish at $62.62. Both benchmarks continued their upward movement from late Thursday, erasing losses sustained earlier in the week due Continue Reading<\/a><\/p>\n","protected":false},"author":92,"featured_media":18340,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-18339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\n\t\t![\"\"](\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2025\/05\/Oil-2-May-1.jpeg\")
US – Iran Fallout<\/h2>\n\n\n\n
Future Output Plan From OPEC+<\/h2>\n\n\n\n