US Crude Oil

The WTI crude oil barrel has shown a steady variation of barely 2% over the past two weeks of trading, settling around the $60 per barrel zone.

WTI crude has dropped more than 18% over the past seven trading sessions, and the strong bearish bias has remained intact.

After falling to the $65 per barrel zone, WTI has posted a recovery of over 6% over the past two weeks of trading. For now, the bias remains neutral, as the market stays focused on the potential outcomes of U.S. trade tariffs.

Oil prices have risen to test 3-week highs, with prices finding support by expectations of tightening supplies in the short term outlook, putting concerns about demand on a back burner.

I reckon a potential drop to $60 may well be on the cards, but I don’t see prices falling much more than that, as the OPEC+ could easily reverse its plans of gradually increasing output. But for now, the crude oil outlook remains negative.

The price of WTI crude has dropped more than 6% over the past four trading sessions, settling around $67 per barrel, a level not seen since early December 2024.

The price of WTI has dropped more than 3% over the last three trading sessions. This significant bearish movement is mainly due to a potential easing of geopolitical tensions, such as the conflict in Ukraine.

Half an hour after the release of the official weekly oil inventories report, oil prices had not responded significantly, remaining near the session lows.

Against a backdrop of rising OPEC+ supply and the potential for increased non-OPEC supply growth, mainly in the US, the crude oil forecast remains modestly bearish.

WTI crude has accumulated a loss of more than 8% in value since mid-January of this year.

The WTI barrel has already recorded five consecutive sessions of losses, with a depreciation of more than 5%.