WTI Crude Rises to $62.80 on OPEC+ Supply Outlook.
WTI crude climbs to $62.80 as OPEC+ signals a slower pace of supply increases.
FUNDAMENTAL OVERVIEW:
Crude oil prices moved higher on Monday, supported by expectations of a smaller OPEC+ supply hike in October and renewed speculation about further sanctions on Russian crude following fresh attacks in Ukraine.
West Texas Intermediate (WTI) gained about $1, touching intraday highs above $62.80, with Friday’s peak at $63.25 back in sight. OPEC+ confirmed it will raise output by just 137,000 barrels per day, significantly below the 555,000 bpd and 411,000 bpd increases seen in September and August.
Meanwhile, U.S. President Donald Trump signaled readiness for a second round of sanctions on Russia after the weekend strikes, which killed four people and set Kyiv’s government building on fire. Washington already imposed a 50% tariff on Indian imports of Russian oil last month, with speculation mounting over broader restrictions on other buyers.
CRUDE OIL TECHNICAL ANALYSIS CHART:
Technical Overview:
Crude Oil is trading within a down channel.
Crude Oil is moving below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Neutral Zone, while the Stochastic oscillator suggests a Neutral trend.
Immediate Resistance level: 63.65
Immediate support level: 61.68
HOW TO TRADE CRUDE OIL
Crude oil, after a sharp rally, failed to sustain momentum and dropped significantly, breaking a major support level. Following the breakdown, it is attempting a pullback but is facing rejection from the upside. If this resistance holds, the decline could extend further.
