On the technical front, front-month WTI futures are trading at $65.94, up 1.2%, and holding above key moving averages.
The 200-day and 50-day SMAs at $64.04 and $63.90, respectively, are now serving as support, with a price floor reinforced by the recent low at $64.11. Resistance sits near $68.34, with a breakout potentially targeting the next upside level at $69.89.
The recent consolidation near the 65–66 range reflects a market seeking direction, though support levels appear firm for now. A drop below $64 would expose downside to $62.69.
Crude Oil Outlook: Bullish Tilt as Trade Clarity and Supply Constraints Dominate
With geopolitical trade tensions easing and OPEC+ staying disciplined on supply, near-term oil sentiment remains bullish. Rising Saudi OSPs, firm Asian demand, and technical support reinforce the case for higher prices—though gains may be capped without a fresh breakout above $68.34.
More Information in our Economic Calendar.
