WTI crude oil rebounds above $61 as bulls defend $55 base, upside capped by Iran, OPEC+ supply risk

• WTI snaps a two-day losing streak, crucial resistance sits at $65.
• Cost recovers 21-day EMA, technical momentum enhances as RSI turns neutral.
• Iran nuclear offer potential customers and OPEC+ supply technique weigh on wider bullish belief.

West Texas Intermediate (WTI) petroleum is trading around $62 on Friday ahead of the weekend, staging a modest rebound after snapping a two-day losing streak. The United States Oil discovered restored purchasing interest following a retest of the $55 assistance zone, where a prospective double-bottom structure has actually formed on the everyday chart. While the short-term technical photo has actually enhanced, macroeconomic and geopolitical headwinds, particularly surrounding increasing Organisation of the Petroleum Exporting Countries (OPEC+) output and the possible return of Iranian barrels, continue to weigh on belief.

OPEC+ supply technique and Iran talks cloud the outlook

OPEC+’s current relocate to raise production has actually presented fresh drawback threats to oil markets. Saudi Arabia and crucial allies are growing less happy to bring the problem of cuts alone, and the group has actually alerted that all voluntary decreases– amounting to 2.2 million barrels daily (bpd)– might be unwound by Q4 of 2025 if quota discipline does not enhance.

On the other hand, restored hopes of a United States (United States)– Iran nuclear offer are topping oil’s rebound. Diplomats recommend development has actually been made, and experts approximate an offer might restore as much as 800,000 bpd of Iranian supply. These advancements have actually reestablished a bearish overhang as the marketplace tries to support.

Technical outlook: WTI holds above short-term crucial assistance, however $65 stays the line in the sand

Technically, WTI has actually handled to survive above the $60 mental level, while protecting the $55 double-bottom base– a zone that marks the most affordable levels considering that 2021. The everyday chart reveals the cost recovering the 21-day Exponential Moving Typical (EMA) at $61.29, a short-term bullish signal. The Relative Strength Index (RSI) has actually gone up to 50.70, while the Moving Typical Merging Divergence (MACD) pie chart has actually turned favorable, showing a moderate healing in bullish momentum.

That stated, advantage stays restricted near the $65 manage, which lines up with previous support-turned-resistance and the April breakdown zone. An everyday close above $65 would be needed to validate a wider pattern turnaround. Failure to do so might keep WTI stuck in a $55–$ 65 combination variety. Traders will carefully look for fresh headings on Iran, OPEC+ policy shifts, and macro information to drive the next directional relocation.