{"id":25560,"date":"2025-07-01T00:36:34","date_gmt":"2025-07-01T00:36:34","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=25560"},"modified":"2025-07-01T00:36:34","modified_gmt":"2025-07-01T00:36:34","slug":"oil-slips-as-opec-eyes-further-output-boost","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-asia\/analysis\/oil-slips-as-opec-eyes-further-output-boost\/","title":{"rendered":"Oil Slips as OPEC+ Eyes Further Output Boost"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"573\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/Oil7-1024x573.webp\" alt=\"\" class=\"wp-image-41763\"\/><\/figure>\n\n\n\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>WTI crude futures fell 0.2% to $64.96; Brent down to $66.62.<\/li>\n\n\n\n<li>OPEC+ reportedly considering a further 411,000 bpd output increase for August.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p>Oil prices eased slightly on Tuesday morning as traders turned cautious ahead of the 6 July OPEC+ meeting. West Texas Intermediate (WTI) crude slipped 0.2% to $64.96 per barrel, while Brent crude dropped to $66.62 per barrel.<\/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\">Here\u2019s the latest news and analysis on the oil market <a href=\"https:\/\/t.co\/WGD8kcSRuh\">https:\/\/t.co\/WGD8kcSRuh<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1939818755502063934?ref_src=twsrc%5Etfw\">June 30, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Sentiment shifted after reports emerged that core OPEC+ members are discussing an additional 411,000 barrels per day (bpd) production increase for August. While not yet confirmed, the possibility of further supply growth has weighed on prices, particularly in light of softer demand projections and rising global inventories.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Broader Supply Narrative Keeps Bulls in Check<\/h2>\n\n\n\n<p>The market has been grappling with conflicting forces: improving risk appetite has broadly supported commodities, but rising U.S. inventories and the prospect of additional<a href=\"https:\/\/t.co\/ubxg2qoSBh\" target=\"_blank\" rel=\"noopener\" title=\"\"> OPEC+ supply<\/a> have kept bullish bets in check.<\/p>\n\n\n\n<p>ANZ Research highlighted in its report that \u201cthe market is now concerned\u201d about the pace of the OPEC+ alliance\u2019s increases, especially as demand in <a href=\"https:\/\/t.co\/T5q3nFxS5C\" target=\"_blank\" rel=\"noopener\" title=\"\">Asia shows signs of plateauing<\/a>. With global refinery margins under pressure and economic softness in China persisting, the case for a balanced oil market is weakening.<\/p>\n\n\n\n<p>Until the OPEC+ outcome is clear, traders may remain defensive. A breakout above $65.50 would need stronger global demand cues or a surprise decision from producers. A break below $64.50 could accelerate downside momentum toward the $63.70 level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis<\/h2>\n\n\n\n<p>Crude oil remains under pressure after failing to reclaim the recent high at $66.08. Price has since retraced into a sideways pattern, hovering just below the $65.00 psychological level and now settling around $64.85. The chart shows a gradual downtrend from the peak, followed by consolidation between $64.51 (support) and $65.10 (resistance).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"466\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/ea6ae08c-1a73-4776-9637-6b6f9329026a.jpg\" alt=\"\" class=\"wp-image-25561\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Oil stalls under $65 as momentum fades, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets app<\/a><\/em><\/p>\n\n\n\n<p>Short-term moving averages (5, 10, 30) are flattening out, suggesting waning momentum and a lack of clear direction. The MACD has crossed below the signal line, with the histogram flipping between red and green\u2014indicative of indecision. A break below $64.51 could expose downside toward the $64.00 handle, while bulls need a close above $65.10 to regain control and challenge $65.50 and beyond.<\/p>\n\n\n\n<p>If the July 6 meeting confirms additional production, oil could fall below $64.50 and test $64.00. However, if the group opts for moderation or signals tapering later this year, prices may stabilise back toward $65.50.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Create your live VT Markets account<\/a> and <a href=\"https:\/\/myaccount.vtmarkets.com\/login?_gl=1*1azgbap*_gcl_au*NjE5NTE3MjY4LjE3NDQ2MDA3NDI.*_ga*MTY4OTgwNTU5Mi4xNzM2NzQ2MTgy*_ga_J26NL1ZVX7*czE3NDQ5NDQ0NTYkbzEyMCRnMCR0MTc0NDk0NDQ1NiRqNjAkbDAkaDA.\" target=\"_blank\" rel=\"noopener\" title=\"\">start trading<\/a> now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WTI crude dipped toward $64.85 in early Asia trade, pressured by reports that OPEC+ may raise output again in August. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":64,"featured_media":41763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[66],"class_list":["post-25560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-oil"],"acf":{"acf_article_selection_author":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/25560","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\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/comments?post=25560"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/25560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media\/41763"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media?parent=25560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/categories?post=25560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/tags?post=25560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}