WTI Oil Forecast: Can $60 Hold? OPEC+ Call, US GDP Drop & Support Levels

WTI crude oil futures are hovering around $60.64 per barrel today, as traders brace for Saturday’s OPEC+ meeting. Kazakhstan has hinted at a possible production increase, though the scale—anywhere from 400,000 to 600,000 barrels per day—is still uncertain. This looming decision is fueling supply uncertainty and putting pressure on oil prices.

On the demand front, the U.S. GDP unexpectedly shrank by 0.2% in Q1, sparking concerns about a potential slowdown in fuel consumption. However, the market found some support from a 2.8 million-barrel drawdown in U.S. crude inventories, hinting at robust seasonal demand.

Meanwhile, a U.S. court ruling that temporarily blocked Trump-era tariffs gave sentiment a slight lift, though its impact on oil markets has been muted. Traders remain focused on the bigger picture—global supply-demand dynamics and the upcoming OPEC+ decisions.

WTI Technical Outlook: Key Levels in Focus

On the charts, WTI oil is teetering at $60.64, just above key support at $60.04—a level that’s repeatedly caught dips in recent weeks. The 50-period EMA at $61.40 has become a strong resistance zone, capping any rebound attempts.

• Resistance levels: $61.40, $61.85, $63.02

• Support levels: $60.04, $59.32, $58.58

A firm break below $60.04 could trigger a slide toward $59.32 or even $58.58, especially if OPEC+ announces a sizeable output increase. Conversely, a clear bounce above $61.40, confirmed by a bullish candle, could pave the way for a recovery run to $61.85 or $63.02.

Price action shows a descending trend channel, with lower highs and lows reflecting the market’s cautious tone.

Traders’ Takeaway: Stay Nimble Before OPEC+

This isn’t just a technical setup—it’s a dynamic scenario shaped by shifting macroeconomic data and OPEC+’s decision-making. For now, traders should stay flexible:

• Watch for a confirmed break of $60.04 to signal deeper downside risk.

• Look for a decisive move above $61.40 for a potential rebound toward higher levels.

Kazakhstan’s hint at a production boost could be the tipping point, making this weekend’s OPEC+ meeting a key event to watch.