WTI drops below $74.00 as OPEC+ plans to ease Oil production cuts

WTI price lost ground as OPEC+ intends to phase out production cuts of 2.2 million barrels per day over 2025.
The US is purchasing an additional 3 million barrels of Oil for the country's Strategic Petroleum Reserve.
Oil prices may struggle further due to the expectations of the Fed maintaining higher rates for longer.

Akhtar Faruqui FXStreet

West Texas Intermediate (WTI) Oil price continues to decline for the fifth consecutive day, trading around $73.90 per barrel during the Asian session on Tuesday. This drop in crude Oil prices is attributed to the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, announcing a gradual plan to ease some of their Oil production cuts.

OPEC+ plans to phase out voluntary production cuts of 2.2 million barrels per day (bpd) over the next year, starting in October. By December, over 500,000 bpd are expected to re-enter the market, with a total of 1.8 million bpd returning by June 2025.

According to a Reuters report, the United States is purchasing an additional 3 million barrels of Oil for the country's Strategic Petroleum Reserve (SPR), as announced by the Department of Energy on Monday. This move is part of a gradual replenishment effort following the largest sale ever in 2022. US President Joe Biden had ordered the sale of 180 million barrels over six months in 2022 to control fuel prices after Russia's invasion of Ukraine.

The latest US Personal Consumption Expenditure (PCE) data indicated that price pressures eased in April. Despite this, the report did not prompt a rate cut from the Federal Reserve (Fed), suggesting that the central bank may need more time to achieve its inflation goals. The higher interest rates are negatively impacting the US economic outlook and dampening the demand for Oil.

WTI US OIL

Overview
Today last price	73.88
Today Daily Change	-0.04
Today Daily Change %	-0.05
Today daily open	73.92

Trends
Daily SMA20	78.15
Daily SMA50	81.03
Daily SMA100	79.06
Daily SMA200	79.53

Levels
Previous Daily High	77.36
Previous Daily Low	73.92
Previous Weekly High	80.41
Previous Weekly Low	76.52
Previous Monthly High	81.25
Previous Monthly Low	76.04
Daily Fibonacci 38.2%	75.23
Daily Fibonacci 61.8%	76.04
Daily Pivot Point S1	72.77
Daily Pivot Point S2	71.62
Daily Pivot Point S3	69.33
Daily Pivot Point R1	76.21
Daily Pivot Point R2	78.51
Daily Pivot Point R3	79.66

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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