WTI Crude Oil Slides Below $62 Amid Rising OPEC+ Output and Weak Demand

In the medium term, the bearish sentiment is likely to persist: if prices consolidate below 59.84 and no external shocks such as renewed tensions in Venezuela or Nigeria occur, WTI may test the October low at 56.64. Optimistic projections from Goldman Sachs see stabilization between 60.00–65.00, though the ongoing transition toward renewable energy in the U.S. and EU continues to weigh on long-term demand.

A potential reversal could occur if global demand for crude oil increases — particularly if China introduces new economic stimulus measures such as monetary easing, which could add 1.0–1.5 million barrels per day in consumption. Analysts at Citigroup Inc. also note that the current 800,000 bpd surplus remains fragile; any indication from the IEA of shrinking fuel inventories could support a rebound in prices.

Support and Resistance Levels

The long-term trend remains downward: last month, WTI tested 62.37 and returned to support at 59.95. A breakout below this level could extend the decline toward the October low of 56.64 and further to 52.50. Conversely, a breakout above 62.37 may trigger a correction toward 66.45.

In the medium term, the asset remains in a bearish phase: prices broke through zone 3 (60.10–59.48) and are now targeting zone 4 (53.86–53.24). At the end of October, the asset reached resistance near 62.37–61.82, where short positions became relevant with targets at 59.37 and 56.37 (October low).

Resistance levels: 62.37, 66.45, 71.08.

Support levels: 59.95, 56.64, 52.50.

WTI Crude Oil Trading Scenarios and Forecast

Short positions can be opened from 62.37 targeting 59.95 with a stop-loss at 63.16. Estimated duration: 9–12 days.

Long positions may be opened above 63.16 with a target at 65.25 and stop-loss at 62.37.