{"id":17612,"date":"2025-03-04T02:06:18","date_gmt":"2025-03-04T02:06:18","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=17612"},"modified":"2025-03-04T02:06:18","modified_gmt":"2025-03-04T02:06:18","slug":"oil-drops-as-opec-confirms-output-increase","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/oil-drops-as-opec-confirms-output-increase\/","title":{"rendered":"Oil Drops as OPEC+ Confirms Output Increase"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/02\/oil10-1024x559.png\" alt=\"\" class=\"wp-image-17005\" \/><\/figure>\n\n\n\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CL-OIL<\/strong> (WTI Crude) fell to $<strong>68.000<\/strong>, down <strong>2.76<\/strong>%, hitting a low of $<strong>67.945<\/strong>.<\/li>\n\n\n\n<li>OPEC+ confirmed its plan to <strong>start reversing production cuts from April.<\/strong><\/li>\n\n\n\n<li><strong>Market reaction was negative<\/strong>, as traders had expected a delay in the production boost while <strong>Brent futures<\/strong> fell to $<strong>71.14 <\/strong>amid broader selling pressure in crude markets.<\/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\">Oil Declines as OPEC+ Sticks to Output Increase<\/h2>\n\n\n\n<p>CL-OIL (WTI Crude) <strong>dropped to $68.000 on Monday<\/strong>, extending its losses following <strong>OPEC+\u2019s decision to proceed with its planned production increases from April.<\/strong> The move will <strong>reverse 2.2 million barrels per day of voluntary cuts<\/strong> that have been in place for over two years, adding to the current supply outlook.<\/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\">OPEC+ to proceed with planned April oil output hike <a href=\"https:\/\/t.co\/qPgJJOcYGv\">https:\/\/t.co\/qPgJJOcYGv<\/a> <a href=\"https:\/\/t.co\/brgyuOibj0\">pic.twitter.com\/brgyuOibj0<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1896667082227368446?ref_src=twsrc%5Etfw\">March 3, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Traders had <strong>widely expected OPEC+ to delay the output hike<\/strong>, but the cartel\u2019s decision to move forward triggered additional downside pressure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis: Bearish Momentum Extends<\/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-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/4.3_1-1024x446.jpg\" alt=\"\" class=\"wp-image-17613\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: CL-OIL declines to <strong>68.000<\/strong>, testing support at <strong>67.88<\/strong> amid strong bearish momentum, as seen on the\u00a0<a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WAhttps:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a><\/em><\/p>\n\n\n\n<p>CL-OIL dropped <strong>2.76%<\/strong>, closing at <strong>68.000<\/strong> after opening at <strong>69.931<\/strong>. The session peaked at <strong>68.445<\/strong> and bottomed at <strong>67.945<\/strong>, showing significant bearish momentum.<\/p>\n\n\n\n<p>The moving averages (MA 5,10,30) indicate a downward trend, with short-term MAs crossing below the long-term average. The MACD (12,26,9) remains in negative territory, with the histogram reflecting increased selling pressure.<\/p>\n\n\n\n<p>Key support is at <strong>67.88<\/strong>, with resistance near <strong>70.58<\/strong>. A break below support may trigger further declines, while an upward reversal could test resistance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Market Outlook<\/h2>\n\n\n\n<p>CL-OIL (WTI Crude) is expected to remain under <strong>downward pressure<\/strong> unless demand prospects improve. If selling pressure persists, the next support level to watch is <strong>$67.50<\/strong>. On the upside, a recovery above <strong>$69.00<\/strong> is needed to ease the bearish momentum.<\/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","protected":false},"excerpt":{"rendered":"<p>CL-OIL (WTI Crude) falls to $68.000, hitting a low of $67.945 after OPEC+ confirms an April production hike. Oil remains bearish amid supply concerns. &#8211; 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-17612","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-ca\/wp-json\/wp\/v2\/posts\/17612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/comments?post=17612"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/17612\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=17612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=17612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=17612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}