Crude oil prices slipped toward $60 per barrel, weighed by persistent uncertainty over global supply chains amid renewed geopolitical tensions. While progress in trade discussions has supported sentiment around global growth, the lack of clarity on future energy cooperation leaves markets uneasy.
Traders are also eyeing the upcoming OPEC+ meeting on November 2, where officials may consider a limited production boost for December.
Oil remains on track for a third straight monthly decline — its longest losing streak since mid-2023 — as fears of oversupply and weakening demand outlook continue to suppress both oil and natural gas market momentum.
WTI Crude Oil is trading around $60.08, consolidating just above the key 38.2% Fibonacci retracement level at $60.03. The price remains trapped below a descending trendline drawn from September highs, which continues to cap upside momentum near $62.50. Both the 50-EMA ($60.47) and 200-EMA ($60.24) are converging, signaling a period of equilibrium before the next directional move.
The RSI at 42 suggests mild bearish pressure but not yet oversold conditions. A sustained break below $59.25 could expose $58.46 and $57.20, while a rebound above $61.20 would strengthen the bullish case toward $62.50.
