Oil prices edged higher on Friday but were on track for a weekly loss as a potential OPEC+ output increase and a possible ceasefire in the Russia-Ukraine war may raise supply at the same time conflicting U.S. tariff signals limit the demand outlook.
The crude oil market is somewhat positive in the early hours of Thursday, as the market is trying to stabilize enough to turn things around again and threaten the resistance above. At this point, the markets remain “buy on the dip” but noisy.
Oil rebounds after OPEC+ discord and U.S.–China tariff talks stir volatility; Brent stalls below key EMAs as traders eye breakout cues.
WTI crude oil has reached the pivotal level following its rebound, while natural gas continues to consolidate around the $3 support.
Oil prices ticked up early on Thursday after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
Oil consolidated in the early Asian session as traders assessed mixed signals.
U.S. crude oil inventories rose by 244,000 barrels, for a fourth consecutive weekly climb, amid higher net imports, while refineries ramped up their capacity use.
U.S. sanctions on Iran, falling crude stocks, and technical breakouts push oil and gas prices higher, reigniting bullish sentiment in energy markets.
Oil rose in the early Asian session. Sentiment is being driven by talk from the Trump administration about trade deals getting closer with India and Japan, and how the current impasse between the U.S. and China is unsustainable, NAB said.
A breakout above $64.81 confirms oil's countertrend rally, with multiple resistance levels ahead; staying above $63.20 is crucial to maintaining upside potential.
Chevron and other oil companies are cutting thousands of positions, while offshoring more white-collar jobs to the country.
WTI and Brent crude oil consolidated after a sharp drop in March 2025, while natural gas approached the key level of $3.