{"id":19950,"date":"2025-04-04T08:54:38","date_gmt":"2025-04-04T08:54:38","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=19950"},"modified":"2025-04-04T08:54:38","modified_gmt":"2025-04-04T08:54:38","slug":"cl-oil-hits-4-week-low-amid-market-pressures","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/cl-oil-hits-4-week-low-amid-market-pressures\/","title":{"rendered":"CL-OIL Hits 4-Week Low Amid Market Pressures"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/02\/oil8-1024x559.png\" alt=\"\" class=\"wp-image-17019\" \/><\/figure>\n\n\n\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CL-OIL (Crude Oil WTI) drops to a <strong>4-week low of 64.79 USD\/Bbl.<\/strong><\/li>\n\n\n\n<li>Over the last 12 months, WTI has decreased 24.25%.<\/li>\n\n\n\n<li>OPEC+ agrees to advance their plan to <strong>phase out oil output cuts<\/strong> by increasing output by 411,000 barrels per day in May.<\/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\">Crude Oil Prices Decline Amid Market Pressures and <\/h2>\n\n\n\n<p>CL-OIL (Crude Oil WTI) reached a four-week low of <strong>64.79 <\/strong>USD per barrel, reflecting ongoing pressures in global markets. The decrease of 2.81% in the last 24 hours is compounded by a <strong>significant 24.25% drop over the last 12 months<\/strong>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">OPEC+ Adjustments in Focus<\/h2>\n\n\n\n<p>This decline is largely attributed to global factors such as a shift in OPEC+ policies, as the oil-producing alliance agreed to <strong>increase output by 411,000 barrels per day in May<\/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 prices fell sharply as OPEC+ agreed to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, compounding the already-heavy losses following President Donald Trump&#39;s new tariffs <a href=\"https:\/\/t.co\/l6LuptVopr\">https:\/\/t.co\/l6LuptVopr<\/a> <a href=\"https:\/\/t.co\/8QNBlEcZnL\">pic.twitter.com\/8QNBlEcZnL<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1907838002736300520?ref_src=twsrc%5Etfw\">April 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>This decision to phase out the previously agreed-upon output cuts is aimed at <strong>addressing global supply-demand imbalances<\/strong>, adding downward pressure to oil prices. <\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Outlook<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/1_2-1-1024x446.jpg\" alt=\"\" class=\"wp-image-19966\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: CL-OIL tests support at $64.79 after sharp declines from $71.30, 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 declined by <strong>2.81<\/strong>%, closing at $<strong>64.76 <\/strong>after opening at $<strong>66.63<\/strong>. The session saw a sharp drop, reaching a low of $<strong>64.61 <\/strong>before slightly retracing to close near $<strong>64.76<\/strong>.<\/p>\n\n\n\n<p>The moving averages (MA 5,10,30) suggest bearish momentum, with the short-term moving averages below the longer-term ones. This indicates a continued downtrend, and the distance between them is widening. The MACD (12,26,9) also confirms the bearish sentiment, with the histogram showing a greater negative momentum and the MACD line (blue) consistently below the signal line (yellow).<\/p>\n\n\n\n<p>Key levels to monitor include $<strong>64.79 <\/strong>as immediate support and $<strong>71.30 <\/strong>as resistance. A break below support could suggest further downside momentum, while a rally above resistance may signal a reversal or consolidation in the market.<\/p>\n\n\n\n<p>With CL-OIL showing <strong>persistent downward pressure and breaking key levels<\/strong>, a continued <strong>drop below $64.79 could lead to more significant declines.<\/strong> However, a move above $<strong>71.30 <\/strong>would likely change the trend, indicating potential for a reversal or upward movement in the near term.<\/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\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>Crude Oil WTI hits a 4-week low at 64.79 USD\/Bbl, down 2.81% in the last 24 hours and 24.25% in the past year, as OPEC+ plans to increase output in May. -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-19950","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\/19950","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=19950"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/19950\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=19950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=19950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=19950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}