Oil prices extended their decline as traders reacted to expectations of an OPEC+ output increase. Brent crude oil (BCO) dropped to $67 per barrel, while WTI crude oil (CL) dropped to $63.50. The weakness highlights growing concern that a higher supply could weigh on the market in the short term. Investors are cautious ahead of the weekend meeting, where producers may raise targets again.
The possibility of OPEC+ adding more barrels comes after months of steady supply increases. The group already boosted output by 2.2 million barrels per day from April to September. Despite this, Middle Eastern oil prices stayed firm, giving key members confidence to push production higher. If OPEC+ raises quotas further, it could further increase the pressure on prices as markets adjust to growing supply.
Meanwhile, US data added to the bearish tone. Crude inventories rose by 622,000 barrels, as seen in the chart below. The unexpected build signals weaker demand and slower refinery activity. The data reinforces downside momentum in oil markets, combined with OPEC+ supply risks. Crude prices may remain under pressure until traders see clearer signals on demand recovery and OPEC+ policy.
WTI Oil Daily Chart – Bearish Pressure
The daily chart for WTI crude oil shows that the price failed to break above the 50-day SMA and continues to move lower. A break below $60 would extend the bearish momentum toward the $55.50 level.
Since the 50-day SMA remains below the 200-day SMA and consolidation continues under the $70 region, bearish pressure is building. This price action indicates that the next move in WTI remains to the downside.
WTI Oil 4-Hour Chart – Consolidation
The 4-hour chart for WTI crude oil shows that the price failed to break above the $65.50 level and continues to move lower. The consolidation over the past year is fueling a negative bias and indicates that the next move in WTI crude oil will likely be to the downside.
