WTI oil pulled back as traders focused on the upcoming OPEC+ meeting, which could raise the output by 411,000 bpd in July. President Trump’s decision to delay 50% tariffs on the EU provided some support to oil markets today.
The technical picture remains unchanged as WTI oil needs to settle above the resistance at $62.50 – $63.00 to gain additional upside momentum.
Brent oil pulled back below the $65.00 level as traders took some profits off the table after the recent rebound.
RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.
