{"id":17728,"date":"2025-03-05T02:52:54","date_gmt":"2025-03-05T02:52:54","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=17728"},"modified":"2025-03-05T02:52:54","modified_gmt":"2025-03-05T02:52:54","slug":"cl-oil-holds-near-multi-month-lows","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-latam\/analysis\/cl-oil-holds-near-multi-month-lows\/","title":{"rendered":"CL-OIL Holds Near Multi-Month Lows"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/02\/oil13-1024x559.png\" alt=\"\" class=\"wp-image-17008\" srcset=\"https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-1024x559.png 1024w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-300x164.png 300w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-768x419.png 768w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-500x273.png 500w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-400x218.png 400w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-350x191.png 350w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13-200x109.png 200w, https:\/\/www.vtmarkets.com\/en-latam\/wp-content\/uploads\/sites\/23\/2025\/02\/oil13.png 1408w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/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) steadied at $<strong>67.78<\/strong>, near multi-month lows, as OPEC+ supply plans weighed on sentiment.<\/li>\n\n\n\n<li>OPEC+ to <strong>phase out 2.2M bpd<\/strong> of voluntary cuts, starting with 138,000 bpd increases from April.<\/li>\n\n\n\n<li>US <strong>suspends military aid<\/strong> to Ukraine, fueling speculation over <strong>potential Russian sanctions relief<\/strong>.<\/li>\n\n\n\n<li><strong>New US tariffs<\/strong> on Canada, Mexico, and China raise fears of weaker global crude demand.<\/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\">OPEC+ Supply Strategy Weighs on Crude<\/h2>\n\n\n\n<p>WTI crude traded <strong>near $67.78 per barrel on Wednesday<\/strong>, remaining under pressure as <strong>OPEC+ reaffirmed its plan to phase out voluntary output cuts<\/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\">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>The group will gradually <strong>increase supply by 138,000 bpd per month<\/strong>, starting in April, despite a <strong>fragile demand outlook<\/strong> and previous market expectations of a delay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis: Support and Resistance Levels<\/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-latam\/wp-content\/uploads\/sites\/23\/2026\/03\/5.3_1-1024x446.jpg\" alt=\"\" class=\"wp-image-17730\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: CL-OIL dips to 67.780, testing support at 66.755 as bearish momentum slows, 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>The <strong>CL-OIL<\/strong> contract has declined <strong>0.95%<\/strong>, opening at <strong>68.427<\/strong> and closing at <strong>67.780<\/strong>. The price tested a high of <strong>68.063<\/strong> before sellers pushed it to a low of <strong>67.720<\/strong>.<\/p>\n\n\n\n<p>The <strong>moving averages (5,10,30)<\/strong> indicate a bearish trend, with price action struggling to sustain levels above short-term resistance. The <strong>MACD histogram<\/strong> remains in negative territory but shows signs of flattening, hinting at a possible slowdown in selling momentum.<\/p>\n\n\n\n<p>Currently, <strong>support<\/strong> is found at <strong>66.755<\/strong>, with a break below this level potentially leading to deeper losses. On the upside, <strong>resistance<\/strong> is near <strong>70.34<\/strong>, where the latest rejection occurred. If price recovers above <strong>68.50<\/strong>, an attempt toward <strong>69.50\u201370.00<\/strong> could unfold.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Trade and Geopolitical Risks Add to Uncertainty<\/h2>\n\n\n\n<p>Additional downside pressure came from <strong>US foreign policy developments<\/strong>, with Washington <strong>suspending military aid to Ukraine<\/strong>, raising speculation that <strong>sanctions on Russia could ease<\/strong>, potentially boosting Russian crude exports.<\/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\">US President Donald Trump&#39;s administration and Ukraine plan to sign the debated minerals deal after a disastrous Oval Office meeting in which Ukrainian President Volodymyr Zelenskiy was dismissed from the building, four people familiar with the deal said <a href=\"https:\/\/t.co\/I60X3bCv4I\">https:\/\/t.co\/I60X3bCv4I<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1897001198458220644?ref_src=twsrc%5Etfw\">March 4, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>At the same time, <strong>new US tariffs on Canada, Mexico, and China<\/strong> took effect Tuesday, triggering concerns over weaker economic growth and lower oil demand. However, <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-03-04\/lutnick-says-trump-considering-some-mexico-canada-tariff-relief\" title=\"\">US Commerce Secretary Howard Lutnick<\/a> suggested possible tariff rollbacks <\/strong>on Canada and Mexico, introducing further market volatility.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Market Outlook<\/h2>\n\n\n\n<p>With crude prices hovering near <strong>multi-month lows<\/strong>, market participants will be <strong>keenly watching US economic data, inventory reports, and global demand indicators<\/strong> to gauge the broader supply-demand balance. If supply pressures persist and tariff-related demand concerns escalate, crude may remain subdued <\/p>\n\n\n\n<p>If <strong>OPEC+ signals flexibility on production increases or US tariff tensions ease, a short-term rebound could materialize<\/strong>. Conversely, further downside risks remain if demand concerns intensify, and supply pressures persist.<\/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","protected":false},"excerpt":{"rendered":"<p>CL-OIL holds near $67.78 as OPEC+ supply increases and US trade tensions pressure prices. Traders eye tariff policies and OPEC+ moves. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":17008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[48],"class_list":["post-17728","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-latam\/wp-json\/wp\/v2\/posts\/17728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/comments?post=17728"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/posts\/17728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/media\/17008"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/media?parent=17728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/categories?post=17728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-latam\/wp-json\/wp\/v2\/tags?post=17728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}