West Texas Intermediate (WTI) crude oil is trading around $62 on Friday ahead of the weekend, staging a modest rebound after snapping a two-day losing streak. The US Oil found renewed buying interest following a retest of the $55 support zone, where a potential double-bottom structure has formed on the daily chart. While the short-term technical picture has improved, macroeconomic and geopolitical headwinds, especially surrounding rising Organisation of the Petroleum Exporting Countries (OPEC+) output and the potential return of Iranian barrels, continue to weigh on sentiment.
OPEC+ supply strategy and Iran talks cloud the outlook
OPEC+'s recent move to raise production has introduced fresh downside risks to oil markets. Saudi Arabia and key allies are growing less willing to carry the burden of cuts alone, and the group has warned that all voluntary reductions—totaling 2.2 million barrels per day (bpd) could be unwound by Q4 of 2025 if quota discipline doesn't improve.
Meanwhile, renewed hopes of a United States (US) Iran nuclear deal are capping oil's rebound. Diplomats suggest progress has been made, and analysts estimate a deal could bring back as much as 800,000 bpd of Iranian supply. These developments have reintroduced a bearish overhang as the market attempts to stabilize.
Source: Fxstreet
Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited ...
Oil prices weakened on Friday due to negative economic news from the United States and China and signs of rising supply, despite optimism that a U.S. trade deal could boost global economic growth and ...
Oil was steady on optimism over US trade talks ahead of a key deadline next week, and as tightness in diesel markets boosts sentiment. Brent crude was above $69 a barrel after adding 1% on Thurs...
Oil prices were stable on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela. Brent cr...
Oil prices rose on Friday as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing news of the potential for more oil supply from Venezuela. Brent crude fu...
The S&P 500 rose 0.4% on Friday (July 25), notching its fifth consecutive record close—its longest streak in more than a year—while the Nasdaq 100 gained 0.2% after hitting an intraday high. The Dow Jones Industrial Average gained 208 points as...
Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited by optimism that a US trade deal could boost...
Gold prices weakened on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations, which have dampened demand for safe-haven assets. Spot gold fell 0.9% to $3,336.01 an ounce at 2:01 PM ET (18:01 GMT). U.S....
European stocks closed sharply higher on Wednesday (July 23), halting three previous trading sessions' declines, buoyed by speculation that the US...
Equities in Indonesia rose 64 points, or 0.9%, to 7,555 around noon on Thursday, gaining for a second straight session and supported primarily by...
The European Central Bank (ECB) is on track to leave its key interest rates unchanged after its July policy meeting, after having reduced rates at...
The U.S. Federal Reserve's independence is under threat from mounting political interference, according to a clear majority of economists polled by...