WTI trades broadly sideways around $60.00, hovering near the 20-day EMA as investors weigh OPEC+ supply increases against hopes of a US government reopening.
The market faces selling pressure after OPEC+ announced a 137,000 bpd production increase for December, while US Senate progress on funding boosts sentiment for oil demand.
📊 Technical Outlook:
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Support: $58.75 – $57.43
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Resistance: $66.00 – $70.00
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Price remains inside a Descending Triangle, with RSI signaling low volatility and consolidation.
💡 Watch: OPEC Monthly Report and EIA Crude Stockpiles data later this week for potential breakout triggers.
