WTI Oil declines as US-Iran nuclear talks, OPEC+ output rumors cap gains

💡 DMK Insight

WTI oil’s drop to around $62.50 is a signal for traders to reassess their positions. The 1.80% decline today keeps WTI within a familiar trading range, suggesting a lack of strong momentum in either direction. Traders should consider the broader context, including OPEC’s production decisions and geopolitical tensions that could impact supply. If WTI breaks below key support levels, it could trigger further selling, while a rebound could signal a buying opportunity. Keep an eye on the $60 mark as a potential psychological level; a breach could lead to increased volatility. Conversely, if it bounces back, traders might want to look for resistance around $65. Here’s the thing: while the current dip might seem concerning, it could also present a buying opportunity for those looking at longer-term trends. Watch for any news from OPEC or inventory reports that could shift market sentiment quickly.