WTI Crude Oil (USOIL) Hits $68.99 Before Cooling—4 Key Levels Traders Are Watching Now

WTI crude oil futures hit a 2 month high of $68.99 on Thursday as geopolitical risk and supply concerns rose. Tensions between the US...

Written by: Arslan Butt • Thursday, June 12, 2025 • 2 min read

• Last updated: Thursday, June 12, 2025

Quick overview

WTI crude oil futures reached a two-month high of $68.99 amid rising geopolitical risks and supply concerns.
Tensions between the US and Iran escalated, contributing to volatility in the energy market.
US-China trade talks provided relief, potentially stabilizing global trade and supporting energy demand.
Traders should monitor key support levels and MACD indicators for potential entry points in the market.

WTI crude oil futures hit a 2 month high of $68.99 on Thursday as geopolitical risk and supply concerns rose. Tensions between the US and Iran escalated as Washington evacuated some personnel from the Middle East after Iran threatened to target US bases if nuclear talks collapse. This added to the already volatile energy market.

Meanwhile, trade relief came from US-China talks as the two sides agreed on a new framework to ease tariffs and stabilize global trade – good news for sustained energy demand from the world’s two biggest oil consumers.

Macros are also bullish. US inflation cooled to 2.4% annually, so the Fed may cut rates by September. The rate sensitive crude market liked this and EIA reported a 3.6 million barrel drop in US oil inventories – twice as much as expected and tightened supply.

USOIL Key Levels to Watch

WTI is pulling back from $68.99. On the 1 hour chart, the pullback is hitting several key Fibonacci support zones.

Support zones:

38.2% Fibonacci: $67.32
50% retracement & confluence: $66.81
50-EMA support: $66.37
61.8% Fibonacci: $66.29

Despite the pullback, WTI is above the breakout structure and 50 period EMA so the bigger trend is still up. A break below $66.29 could expose $65.57 (78.6% Fib) and threaten the uptrend.

MACD is flashing caution. The histogram is red and the MACD line has crossed below the signal line – early sign of weakening momentum. Until buyers can reclaim with volume, this pullback should be respected.

WTI Crude Oil Price Chart - Source: Tradingview — WTI Crude Oil Price Chart – Source: Tradingview

Crude Oil Trade Setup and Strategy

For traders:

Entry: Wait for a bounce above $67.32 or breakout above $67.95
Stop-loss: Below $66.20 (under trend support)
Targets: $68.44 and $68.99
Risk Level: Moderate, given MACD’s bearish bias

Summary:

WTI crude’s rally may have hit a short-term ceiling, but the broader bullish backdrop remains. Geopolitical tension, lower inventories, and Fed rate cut expectations offer tailwinds. A bounce from $67.32 or breakout past $67.95 could set the stage for a renewed push toward $69. Traders should watch for volume and MACD reversal for confirmation.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.