{"id":19460,"date":"2025-03-28T03:18:52","date_gmt":"2025-03-28T03:18:52","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=19460"},"modified":"2025-03-28T03:18:52","modified_gmt":"2025-03-28T03:18:52","slug":"cl-oil-nears-four-week-high-supply-concerns-in-focus","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-asia\/analysis\/cl-oil-nears-four-week-high-supply-concerns-in-focus\/","title":{"rendered":"CL-OIL Nears Four Week High, Supply Concerns in Focus"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/02\/oil14-1024x559.png\" alt=\"\" class=\"wp-image-17009\" \/><\/figure>\n\n\n\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CL-OIL (WTI crude oil) futures trade around <strong>$69.80<\/strong> per barrel, nearing a four-week high.<\/li>\n\n\n\n<li>US tariffs on Venezuelan crude and falling US stockpiles boost sentiment.<\/li>\n\n\n\n<li>OPEC+ production increases loom in April, while US sanctions intensify supply risks as WTI poised for third consecutive weekly gain.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">WTI Crude Oil Prices Approach Four-Week High<\/h2>\n\n\n\n<p>WTI crude oil futures hovered around <strong>$69.80<\/strong> per barrel on Friday, edging closer to the <strong>four-week high<\/strong> of <strong>$70.03<\/strong>, supported by <a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/oil-approaches-one-month-highs-as-investors-assess-supply-trade-war-risks\/ar-AA1BNaxM?ocid=BingNewsSerp\"><strong>tightening global supply and ongoing concerns about potential disruptions<\/strong><\/a>. As of the latest data, WTI is nearing <strong>$69.84<\/strong>, holding steady in a market bracing for potential supply chain disruptions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">US Tariffs Heighten Risk of Supply Disruptions<\/h2>\n\n\n\n<p>Earlier in the week, the US threatened to impose a <strong>25% tariff<\/strong> on nations purchasing Venezuelan crude, a move that would disrupt trade flows, particularly to China. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">President Trump said any country buying oil or gas from Venezuela will pay a 25% tariff on trades with the US while his administration extended a deadline for Chevron to wind down operations there. Get the latest in tariff news with our new newsletter \u27a1\ufe0f <a href=\"https:\/\/t.co\/QVK27h7MMt\">https:\/\/t.co\/QVK27h7MMt<\/a> <a href=\"https:\/\/t.co\/dvSaUsDWmo\">pic.twitter.com\/dvSaUsDWmo<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1904276610062090567?ref_src=twsrc%5Etfw\">March 24, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>This sparked market reactions, with <strong>Reliance Industries<\/strong>, India\u2019s largest refiner, <strong>announcing it would <\/strong><a href=\"https:\/\/www.msn.com\/en-us\/money\/markets\/indias-reliance-to-stop-buying-venezuelan-oil-over-us-tariffs-sources-say\/ar-AA1BHh8s?ocid=BingNewsSerp\"><strong>halt Venezuelan oil imports<\/strong><\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Strong US Crude Demand Amid Falling Stockpiles<\/h2>\n\n\n\n<p>US crude stockpiles showed a <a href=\"https:\/\/www.eia.gov\/petroleum\/supply\/weekly\/?utm_source=chatgpt.com\"><strong>3.34 million barrel drop<\/strong><\/a> in the latest data, more than twice the expected decrease, pointing to strong demand. With inventory levels dropping, market sentiment remains bullish as traders watch for more data on oil consumption and supply.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">OPEC+ to Resume Production Increases in April<\/h2>\n\n\n\n<p>OPEC+ has <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-likely-proceed-with-planned-may-oil-output-hike-sources-say-2025-03-24\/\">signaled its intention<\/a> to revive previously idled production in April, contributing to market uncertainty. Expectations for a <a href=\"https:\/\/www.msn.com\/en-gb\/money\/economy\/russia-s-oil-exports-from-its-western-ports-set-to-rise-5-in-april-sources-say\/ar-AA1BCRBs?ocid=BingNewsSerp\">rise in Russian oil output further<\/a> compound concerns about oversupply, potentially applying downward pressure on WTI prices in the medium term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"446\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/photo_6283023472120678773_y-1024x446.jpg\" alt=\"\" class=\"wp-image-19465\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: CL-OIL consolidates near $69.80, testing resistance at $70.00, as seen on the\u00a0<a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>CL-OIL decreased by <strong>0.07<\/strong>%, closing at $<strong>69.81 <\/strong>after opening at $<strong>69.86<\/strong>. The session saw a slight retracement from a high of $70.03 to close just above the key support level at $<strong>69.80<\/strong>.<\/p>\n\n\n\n<p>The moving averages (MA 5,10,30) show consolidation, with short-term MAs flat and slightly below the longer-term averages. This suggests that the bullish momentum is losing steam and the price is entering a range-bound phase. The MACD (12,26,9) is also signaling weakening momentum, with the histogram narrowing, and the MACD line (blue) moving closer to the signal line (yellow), suggesting a potential shift towards neutrality.<\/p>\n\n\n\n<p>Key levels to monitor include $<strong>69.80 <\/strong>as immediate support and $<strong>70.00 <\/strong>as resistance. A break above resistance could confirm further upside potential, while a drop below support could signal a bearish reversal.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a><\/strong><strong>&nbsp;and&nbsp;<\/strong><strong><a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a><\/strong><strong>&nbsp;now.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.vtmarkets.com\/#facebook\" rel=\"noreferrer noopener\" target=\"_blank\"><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.vtmarkets.com\/#facebook\" rel=\"noreferrer noopener\" target=\"_blank\"><\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.vtmarkets.com\/#facebook\" rel=\"noreferrer noopener\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CL-OIL prices hold near $70 per barrel as global supply concerns rise. US tariffs on Venezuelan crude and strong demand boost market sentiment. -vtmarkets.com<\/p>\n","protected":false},"author":66,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[66],"class_list":["post-19460","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-oil"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/19460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/comments?post=19460"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/19460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media?parent=19460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/categories?post=19460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/tags?post=19460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}