{"id":18710,"date":"2025-03-19T03:16:46","date_gmt":"2025-03-19T03:16:46","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=18710"},"modified":"2025-03-19T03:16:46","modified_gmt":"2025-03-19T03:16:46","slug":"cl-oil-falls-to-66-amid-russian-supply-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/cl-oil-falls-to-66-amid-russian-supply-outlook\/","title":{"rendered":"CL-OIL Falls to $66 Amid Russian Supply Outlook"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/www.vtmarkets.com\/en-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/download-121-1024x559.png\" alt=\"\" class=\"wp-image-18714\" \/><\/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) declines to around $<strong>66.42 <\/strong>per barrel on rising Russian supply concerns.<\/li>\n\n\n\n<li>OPEC&#8217;s planned output increases add further downward pressure.<\/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\">CL-OIL Pressured by Russian Supply Prospects and OPEC Plans<\/h2>\n\n\n\n<p>CL-OIL (WTI Crude) futures extended recent losses, reaching as low as $<strong>66.42 <\/strong>per barrel on Tuesday. Prices faced pressure following news that Russian President Vladimir Putin <strong>agreed to stop attacks<\/strong> on Ukrainian energy facilities but <strong>rejected a 30-day ceasefire<\/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\">Russian President Vladimir Putin agreed to US President Donald Trump&#39;s proposal for a month-long halt to strikes against energy infrastructure in Ukraine, a limited ceasefire that Kyiv quickly said it would be willing to consider <a href=\"https:\/\/t.co\/6RAW7CIpPD\">https:\/\/t.co\/6RAW7CIpPD<\/a> <a href=\"https:\/\/t.co\/BrwzZ0O3cs\">pic.twitter.com\/BrwzZ0O3cs<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1902136684990624017?ref_src=twsrc%5Etfw\">March 18, 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 decision has raised market expectations that Western <strong>sanctions against Russian oil exports might soon ease<\/strong>, allowing increased supplies onto global markets and putting downward pressure on prices.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.yahoo.com\/news\/oil-prices-fall-opec-nations-114520778.html\">OPEC&#8217;s decision to raise production from next month<\/a> added to bearish sentiment. Increased output, combined with fears of higher Russian supply, <strong>may lead to excess crude in global markets<\/strong>, causing traders to hesitate before opening bullish positions.<\/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-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/19.3_1-1024x446.jpg\" alt=\"\" class=\"wp-image-18715\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Crude oil struggles at 66.570 as selling pressure mounts, with resistance seen near 67.50, as seen on the&nbsp;<a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>CL-OIL closed <strong>flat at 66.570<\/strong>, slightly down from the opening price of <strong>66.572<\/strong> after reaching a session high of <strong>66.710<\/strong> and a low of <strong>66.420<\/strong>.<\/p>\n\n\n\n<p>Crude oil prices initially surged to <strong>68.48<\/strong> before experiencing a sharp pullback, reflecting concerns over global demand and a strengthening US dollar. The <strong>moving averages (5,10,30)<\/strong> confirm the downtrend, with short-term MAs crossing below the longer-term average, signaling bearish momentum.<\/p>\n\n\n\n<p>Meanwhile, the <strong>MACD (12,26,9)<\/strong> histogram remains in negative territory, with the signal line trending downward, suggesting sustained selling pressure.<\/p>\n\n\n\n<p>Key <strong>support is near 66.00<\/strong>, with a breakdown potentially driving prices toward <strong>65.50<\/strong>. Resistance sits at <strong>67.50<\/strong>, and a break above this level could indicate a short-term recovery.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">US Inventory Build Signals Softer Demand<\/h2>\n\n\n\n<p>Adding further downward momentum, <a href=\"https:\/\/ir.eia.gov\/wpsr\/wpsrsummary.pdf\">recent industry reports<\/a> revealed higher-than-anticipated builds in US crude oil inventories. Rising stockpiles signal weakening consumption in the face of global economic uncertainties, especially with trade disputes continuing to pose threats to growth. Traders remain cautious, anticipating further signs of demand weakness ahead.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Market Outlook<\/h2>\n\n\n\n<p>Given the current outlook, traders should remain cautious. Increased Russian supplies and expected OPEC output hikes may continue to pressure CL-OIL in the short term. <\/p>\n\n\n\n<p>Conversely, traders should remain alert to any unexpected geopolitical developments from the Middle East, which could prompt sudden price reversals. Upcoming inventory reports and global economic indicators should be closely monitored for additional directional cues.<\/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><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CL-OIL falls towards $66, pressured by Russian supply expectations, rising US crude inventories, and upcoming OPEC production hikes. -vtmarkets.com<\/p>\n","protected":false},"author":66,"featured_media":18714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[66],"class_list":["post-18710","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/18710","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=18710"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/18710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media\/18714"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=18710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=18710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=18710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}