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.
Oil Price Chart – Source: TradingviewKey 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.
