Technical positioning is clear for traders monitoring breakout potential.
If prices fail to hold the 200-day moving average at $65.24, the next downside target sits at the June 24 bottom of $64.00, followed by the 50-day moving average at $62.60.
On the upside, the long-term pivot at $67.44 is immediate resistance, with last week’s high at $67.58 a key breakout point toward a short-term 50% retracement target at $71.20.
Tariff Uncertainty Adds Headwinds
Oil also faces external pressure from U.S. tariff concerns.
While officials flagged delays on implementation, uncertainty remains over rate changes, raising concerns about potential economic slowdowns.
Phillip Nova’s Priyanka Sachdeva remarked, “Concerns over Trump’s tariffs continue to dominate, with dollar weakness the only meaningful support for oil in the near term.”
Outlook
Oil prices are set to stabilize with a bullish tilt as low inventories, seasonal demand, and less impactful effective supply growth support the market against OPEC+’s larger headline hike.
Harry Tchilinguirian of Onyx Capital Group summarized, “Market share is on top of the agenda now. If price won’t get revenues, volume will.”
A confirmed break above $67.58 may trigger momentum toward $71.20, while failure to hold $65.24 risks testing lower supports.
Traders should monitor compliance data, tariff headlines, and seasonal demand strength closely to align positioning for the next directional move.
More Information in our Economic Calendar.
