Key Points
- WTI crude fell 1.0% to $63.32; Brent dipped 0.9% to $66.96
- OPEC+ reportedly considering output increase in October, surprising markets
- EIA stockpile data due Thursday, could offer clues on U.S. demand
Oil prices extended losses in Thursday’s early session as supply-side jitters re-emerged. West Texas Intermediate dropped 1.0% to $63.32 a barrel, while Brent crude slipped 0.9% to $66.96 — both benchmarks giving up Wednesday’s gains.
The downturn followed a Reuters report suggesting OPEC+ may consider easing production curbs further during their upcoming policy meeting.
While no official decision has been made, the mere suggestion of extra barrels entering the market was enough to spook traders.
Sentiment remains delicate, especially with the U.S. Energy Information Administration (EIA) stockpile report due later Thursday.
Traders will be watching closely for signs of demand resilience from the world’s top oil consumer, particularly after last week’s surprise inventory build.
Technical Analysis
Crude oil (CL-OIL) is trading at $63.26, down 0.75% on the day, as it continues to consolidate after a turbulent year. Earlier in 2025, prices dropped sharply to $55.11 in April before surging to $77.90 in July.
Since then, the market has been range-bound, with the 30-day moving average flattening and the shorter-term averages (5, 10) struggling to hold above it, signalling indecision.
The MACD shows a mild bullish crossover but remains close to neutral, indicating limited momentum for now. Immediate support is at $60, with stronger backing at $55. Resistance sits at $67, followed by $72.
A breakout above $67 could signal renewed upside momentum, while a drop below $60 would increase the risk of revisiting the yearly low.
For the near term, oil looks set to continue oscillating within this range, with traders closely watching OPEC+ production policy, US inventory data, and global demand signals for the next move.
Cautious Forecast
Unless OPEC+ walks back supply speculation, crude may remain under pressure into the weekend. A bearish EIA print could drive WTI toward the $60 handle, while any dovish surprise may offer brief reprieve. All eyes on Vienna and on barrels.
