WTI Crude Steady as Iraq Hits Export Record.
WTI Crude Maintains Gains Around $61.00 as Iraq Reports Record-High Oil Exports
FUNDAMENTAL OVERVIEW:
Oil prices eased slightly on Monday after Iraq’s Oil Minister reported record-high crude exports, exceeding 102 million barrels in September, while also confirming ongoing discussions with OPEC regarding production quotas.
Despite the brief dip below $61.00, West Texas Intermediate (WTI) remains supported by optimism over progress in U.S.–China trade relations.
U.S. President Donald Trump reiterated confidence in achieving a trade deal with Chinese President Xi Jinping during his upcoming Asia visit, raising expectations that the existing trade truce will be extended. Meanwhile, U.S. Treasury Secretary Scott Bessent described recent ASEAN summit talks in Malaysia as productive, confirming that Trump’s proposed 100% tariff on Chinese goods has been temporarily shelved.
Bessent also noted that Beijing may delay new rare earth export restrictions, easing global trade tensions and improving the demand outlook for crude. In contrast, fresh U.S. sanctions on Russian oil producers Rosneft and Lukoil, which account for a significant portion of global supply, are expected to tighten market conditions, offsetting fears of an oversupplied market.
CRUDE OIL TECHNICAL ANALYSIS (DAILY CHART):
Technical Overview:
- Crude Oil is trading within a down channel.
- Price remains below the 50 & 100-period Simple Moving Averages (SMA).
- The Relative Strength Index (RSI) is in the Buying Zone, while the Stochastic Oscillator indicates a negative bias.
| Key Levels | Observation |
|---|---|
| Immediate Resistance: | 62.00 |
| Immediate Support: | 59.40 |
Technical Outlook:
Following a robust rally, WTI Crude met strong resistance near $62.00, prompting a corrective pullback. The commodity later found support around $59.40 and rebounded decisively. It is now retesting the resistance area, and failure to break above could trigger short-term downside pressure.
HOW TO TRADE CRUDE OIL
Traders may look for short opportunities near the resistance zone if prices fail to sustain gains above $62.00.
Trade Suggestion – Limit Sell:
- Entry: 60.51
- Take Profit: 60.36
- Stop Loss: 62.34
AI FAQ – WTI Crude Analysis
Q: Why did WTI prices remain stable despite Iraq’s record exports?
A: Although exports surged, optimism surrounding a U.S.–China trade deal and sanctions on Russian oil supported prices by offsetting supply concerns.
Q: What are traders watching next?
A: Markets are focused on developments in U.S.–China trade talks and OPEC’s next policy statement regarding output levels.
Q: Is WTI Crude in a bullish or bearish phase?
A: The broader trend remains bearish, but short-term momentum has improved as long as support near $59.40 holds.
Q: What’s the near-term key resistance level?
A: The immediate resistance to watch is $62.00—a breakout above this could shift momentum bullishly.
DISCLAIMER:
This report is for informational purposes only and does not constitute investment advice. Trading commodities and financial instruments involves significant risk, and past performance is not indicative of future results.
