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BTCC / BTCC Square / Global Cryptocurrency /
WTI Crude Eyes $61.30 as Demand Recovers – Is a Breakout Near?

WTI Crude Eyes $61.30 as Demand Recovers – Is a Breakout Near?

Author:
Global Cryptocurrency
Published:
2025-05-07 08:06:01
7
3

WTI crude oil trades at $59.85, buoyed by a bullish trend and tightening supply. The commodity has rebounded from recent lows of $57.70 as market participants focus on resuming US-China trade talks and declining US rig counts. Technical support holds at the 50-hour EMA of $58.63, with resistance looming at $60.61.

Upcoming US-China negotiations this weekend could alleviate economic uncertainty, potentially bolstering oil demand. Simultaneously, US energy firms continue reducing rig deployments—a move expected to further constrain supply. Diamondback Energy and other producers signal tightening market conditions ahead.

|Square

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