Crude Reality Check: WTI Plunges to $61.35 as OPEC+ Plays Poker With Global Markets

Oil traders buckle up—another volatile week kicks off with WTI crude nosediving to $61.35. OPEC+ supply whispers collide with shaky demand forecasts, leaving markets jittery. Meanwhile, hedge funds keep placing bets like Wall Street’s playing with Monopoly money.

WTI Crude Breaks Key Support: More Downside Ahead?

From a technical standpoint WTI crude (WTI/USD) has broken below $62.00 and is now around $61.35. This wasn’t just a small pullback — prices also dropped below the 50-period EMA ($62.48) on the 2-hour chart, indicating a clear shift in momentum to the bears.

If you’re new to trading: a “breakdown” happens when a price falls below a key support level, often triggering more selling as confidence erodes. Unless WTI can get back above $62.00 the risk is growing for a deeper slide, with the next supports at $61.15 and $60.55.

Quick Trade Setup to Watch:

• Sell Breakdown: Below $61.15

• Target 1: $60.55

• Target 2: $59.85

• Stop-loss: Above $62.00

Be patient here. It’s smart to wait for a possible retest of $62.00 and see if it holds as resistance. Failed breakdowns can trap sellers and trigger sharp, unexpected rallies.

Key Drivers to Watch in the Days Ahead

Keep an eye on these major catalysts that could move oil prices:

• OPEC+ Meeting: Will they increase production?

• U.S.-China Trade Talks: Any real progress and oil sentiment will shift quickly.

• Iran Nuclear Talks: A deal could bring more supply sooner than expected.

Until then the technicals are bearish. Unless buyers can get back above $62.00 with conviction WTI could go to $60.55 — or lower.