Insights 
VT 
Oil prices slipped again in early Thursday trading, with concerns over potential extra supply weighing on sentiment. West Texas Intermediate fell 1.0% to $63.32 a barrel, while Brent crude shed 0.9% to $66.96, erasing the prior day’s advance.
The weakness followed a Reuters report hinting that OPEC+ may discuss loosening its production limits at the next policy meeting.
No firm decision has been taken, but the prospect of more barrels hitting the market was enough to unsettle bullish traders.
Caution is high ahead of the US Energy Information Administration’s (EIA) inventory data later today. Investors are keen to see whether demand from the world’s largest consumer can offset last week’s unexpected stockpile increase.
Technical Analysis
Crude oil (CL-OIL) last traded at $63.26, down 0.75% on the session, with the market stuck in a consolidation phase after a volatile year. Prices tumbled to $55.11 in April before rebounding strongly to $77.90 in July.
Since then, the market has been moving sideways. The 30-day moving average has flattened, while shorter-term averages (5 and 10) are struggling to stay above it, a sign of hesitation.
The MACD indicator shows a modest bullish cross, but remains close to neutral, pointing to limited momentum. Immediate support is found at $60, with a firmer floor near $55. Resistance lies at $67, and higher up at $72.
A move above $67 could revive upward momentum, whereas a break below $60 would raise the risk of revisiting this year’s lows.
In the short run, oil is likely to continue swinging within its current band, with traders keeping a close eye on OPEC+ policy direction, US stock data, and wider demand cues.
Cautious Forecast
Unless OPEC+ walks back supply speculation, crude may remain under pressure into the weekend. A bearish EIA print could drive WTI toward the $60 handle, while any dovish surprise may offer brief reprieve. All eyes on Vienna and on barrels.
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