OPEC+ Adds 411K Barrels Daily—WTI Crude Oil (USOIL) Poised for a $64 Breakout?

OPEC+ has decided to ramp up oil production by 411,000 barrels per day starting in July, a motion that comes after a virtual conference involving key players like Saudi Arabia, Russia, Iraq, and the UAE.

This output hike, a sharp pivot from the originally planned 134,000 bpd increase, reflects the group’s growing confidence in the global economy’s resilience.

Citing “steady global economic outlook and healthy market fundamentals,” OPEC+ emphasized flexibility, hinting at potential pauses or reversals if market conditions shift. The decision underscores a balancing act between maintaining market stability and responding to evolving economic cues.

• OPEC+ increases output to 411K bpd in July.

• Original plan was for 134K bpd—a significant upward revision.

• Flexibility retained to adjust based on market dynamics.

WTI Crude Oil Tests Key Resistance Levels

WTI Crude Oil (WTI/USD) is holding near $62.40, forming a classic symmetrical triangle on the 2-hour chart. This consolidation reflects a market ready to break out, with trendlines converging and traders eyeing a move.

• EMA Insight: The 50-period EMA at $61.43 provides dynamic support, a level where bulls have consistently defended. A close above this could strengthen upside momentum.

• MACD Momentum: A bullish crossover is underway, with the histogram flipping green—a clear signal that momentum may be shifting in favor of buyers.

• Candlestick Clues: Indecision patterns are giving way to potential bullish signals. Watch for a bullish engulfing or three white soldiers to confirm a breakout.

Trade Setup: Watch for Breakout Confirmation

For traders, this setup offers a clear roadmap:

• Resistance: $63.02, $63.87, $64.66.

• Support: $61.11, $60.02, $58.88.

A decisive break above $63.02—especially with a bullish candle and volume—could propel prices toward $63.87–$64.66. On the flip side, a drop below $61.11 might open the door to $60.02 or even $58.88.

The market’s next big move hinges on confirmation.

Stay patient, look for momentum change, and be prepared to operate when the breakout or breakdown develops. Until then, WTI Crude Oil stays in a waiting game, balancing between OPEC+ headlines and technical triggers.