WTI Oil Price Eyes $64.26 Breakout as Triangle Squeeze Builds Before OPEC+
Oil prices edged higher in cautious trading as markets await pivotal decisions from OPEC+ amid lingering US-China trade uncertainties. West Texas Intermediate crude hovered NEAR $63.28, marking its third consecutive day of sideways movement following last week’s 1% decline.
Traders maintain defensive positions ahead of the May 5 OPEC+ meeting, with concerns mounting over potential production hikes and slowing global growth. Geopolitical risks—including Iran’s nuclear negotiations and Middle East tensions—continue injecting volatility into energy markets.
Technical patterns suggest a brewing breakout, with WTI forming a symmetrical triangle chart formation. Key resistance sits at $64.26, while support levels remain crucial for maintaining current price floors.
