WTI crude fell to $61.10 per barrel, extending its three-day losing streak as traders weighed rising supply risks against easing global trade tensions. Reports suggest OPEC+ may raise production in December, with Saudi Arabia pushing to reclaim market share.
Meanwhile, expectations of softer US sanctions on Russian producers eased supply concerns, further pressuring prices. Natural gas also traded defensively, mirroring weakness in broader energy markets.
Despite hopes for improved global trade cooperation, investors remain focused on potential output increases and shifting geopolitical dynamics that could keep oil and gas prices volatile through the end of the quarter.
WTI Crude Oil is consolidating near $61.17, showing hesitation after a strong rebound from $55.97. On the 4-hour chart, price is hovering just below the 200-EMA ($61.14), while the 50-EMA ($60.07) offers short-term support. This setup suggests a potential tug-of-war between buyers and sellers around the key $62.50 resistance zone.
The RSI at 55 shows neutral momentum, while candles with long upper wicks hint at fading buying pressure. A break above $62.54 could push prices toward $64.00, whereas a drop below $60.00 may trigger a pullback toward $58.50.
