{"id":17795,"date":"2025-03-06T02:36:50","date_gmt":"2025-03-06T02:36:50","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=17795"},"modified":"2025-03-06T02:36:50","modified_gmt":"2025-03-06T02:36:50","slug":"cl-oil-bearish-bias-holds-struggles-near-66-80","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/cl-oil-bearish-bias-holds-struggles-near-66-80\/","title":{"rendered":"CL-OIL Bearish Bias Holds\u2013Struggles Near $66.80"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/02\/oil16-1024x559.png\" alt=\"\" class=\"wp-image-17011\" \/><\/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 (WTI Crude)<\/strong> opened at <strong>$68.06<\/strong> but fell to <strong>$66.79<\/strong>, marking its fourth consecutive session of losses.<\/li>\n\n\n\n<li>Prices hit a <strong>low of $66.30<\/strong> before recovering slightly, yet remain pressured by global trade tensions.<\/li>\n\n\n\n<li>OPEC+ production increase plans and slowing economic growth weigh on oil demand.<\/li>\n\n\n\n<li>Investors are watching U.S. economic data and trade policy developments for further market direction.<\/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 Extends Decline Amid Weak Sentiment<\/h2>\n\n\n\n<p>CL-OIL (WTI Crude) continued its downward trend, settling near <strong>$66.79<\/strong> after falling from an intraday high of <strong>$68.54<\/strong>. <\/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\">Oil touches multi-year lows amid worries of excess supply, trade war <a href=\"https:\/\/t.co\/uKYP6L3IR4\">https:\/\/t.co\/uKYP6L3IR4<\/a> by <a href=\"https:\/\/twitter.com\/ines_ferre?ref_src=twsrc%5Etfw\">@ines_ferre<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/twitter.com\/YahooFinance\/status\/1897418325094731880?ref_src=twsrc%5Etfw\">March 5, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Trade Uncertainty Adds to Bearish Momentum<\/h2>\n\n\n\n<p>U.S. trade policies remain a key driver of market sentiment. <a href=\"https:\/\/www.wsj.com\/livecoverage\/trump-tariffs-canada-mexico-china-stock-market-today-03-04-2025?msockid=053145c1f92a6afc17b350b2f8bd6b86\" title=\"\">New tariffs<\/a> on Canada, Mexico, and China raise concerns over disrupted crude flows and weakened global economic growth. Additionally, <strong>OPEC+ confirmed production hikes<\/strong> starting in April, further exacerbating oversupply risks.<\/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<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-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/6.3_1-1024x446.jpg\" alt=\"\" class=\"wp-image-17797\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: CL-OIL rebounds to 66.790 after testing support at 65.21, with signs of recovery emerging, 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><strong>CL-OIL<\/strong> dropped <strong>1.87<\/strong>%, closing at <strong>66.790 <\/strong>after opening at <strong>68.063<\/strong>. The price hit a high of <strong>66.840 <\/strong>and a low of <strong>66.305<\/strong>, reflecting bearish momentum.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Key support is at <strong>65.21<\/strong>, while resistance is at <strong>68.54<\/strong>. A breakout above resistance could trigger further upside, while failure to hold support may lead to extended losses.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Market Outlook<\/h2>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>Any signs of easing trade tensions or stronger economic growth could help stabilize oil prices, while further bearish sentiment could keep them under pressure.<\/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>WTI crude extends losses after hitting a low of $66.30. Supply pressures and trade tensions weigh on prices as traders eye key support levels. -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-17795","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\/17795","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=17795"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/17795\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=17795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=17795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=17795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}