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

• WTI snaps a two-day dropping streak, key resistance sits at $65.
• Worth reclaims 21-day EMA, technical momentum improves as RSI turns impartial.
• Iran nuclear deal prospects and OPEC+ provide technique weigh on broader bullish sentiment.

West Texas Intermediate (WTI) crude oil is buying and selling round $62 on Friday forward of the weekend, staging a modest rebound after snapping a two-day dropping streak. The US Oil discovered renewed shopping for curiosity following a retest of the $55 assist zone, the place a possible double-bottom construction has shaped on the each day chart. Whereas the short-term technical image has improved, macroeconomic and geopolitical headwinds, particularly surrounding rising Organisation of the Petroleum Exporting Nations (OPEC+) output and the potential return of Iranian barrels, proceed to weigh on sentiment.

OPEC+ provide technique and Iran talks cloud the outlook

OPEC+’s current transfer to boost manufacturing has launched recent draw back dangers to grease markets. Saudi Arabia and key allies are rising much less prepared to hold the burden of cuts alone, and the group has warned that every one voluntary reductions—totaling 2.2 million barrels per day (bpd)—could possibly be unwound by This autumn of 2025 if quota self-discipline would not enhance.

In the meantime, renewed hopes of a United States (US)–Iran nuclear deal are capping oil’s rebound. Diplomats recommend progress has been made, and analysts estimate a deal may deliver again as a lot as 800,000 bpd of Iranian provide. These developments have reintroduced a bearish overhang because the market makes an attempt to stabilize.

Technical outlook: WTI holds above short-term key assist, however $65 stays the road within the sand

Technically, WTI has managed to remain afloat above the $60 psychological stage, whereas defending the $55 double-bottom base—a zone that marks the bottom ranges since 2021. The each day chart exhibits the worth reclaiming the 21-day Exponential Transferring Common (EMA) at $61.29, a short-term bullish sign. The Relative Energy Index (RSI) has moved as much as 50.70, whereas the Transferring Common Convergence Divergence (MACD) histogram has turned constructive, indicating a gentle restoration in bullish momentum.

That stated, upside stays restricted close to the $65 deal with, which aligns with earlier support-turned-resistance and the April breakdown zone. A each day shut above $65 could be required to substantiate a broader pattern reversal. Failure to take action may hold WTI caught in a $55–$65 consolidation vary. Merchants will intently look ahead to recent headlines on Iran, OPEC+ coverage shifts, and macro knowledge to drive the subsequent directional transfer.