Oil prices fell slightly on Tuesday as market participants weighed the possibility that OPEC+ might announce an increase in crude oil supply at this week's meeting, causing a slight correction in international oil prices.
--- News factors
1. OPEC+ held a meeting one day in advance and is expected to finalize the July production increase
2. The extension of negotiations between the United States and Europe and the variable of Iranian supply limited the decline in oil prices
3. US President Trump announced that the trade negotiations with the European Union would be extended to July 9, easing market concerns about the potential decline in fuel demand.
4. If the nuclear negotiations between the United States and Iran fail to reach an agreement, the current sanctions against Iran will continue, which is expected to limit its crude oil supply and indirectly support oil prices.
--- Market expected trend analysis
From the daily chart, the US West Texas Intermediate crude oil (WTI) has recently shown a high-level shock and decline. The price has been blocked above $62 for many consecutive days, indicating heavy pressure from above, and the short-term moving average shows signs of dead cross. Momentum indicators such as MACD dead cross operation suggest that the short-term trend is weak. If it falls below the $61 support, it may drop to the $60 mark, which will become a key short-term support level. If the market news is bearish, the technical pattern has the risk of further decline; on the contrary, if there are positive factors to push oil prices to stabilize and rise, it will need to break through $63 to reverse the weak pattern.
USOIL USOIL USOIL USOIL USOIL
--- News factors
1. OPEC+ held a meeting one day in advance and is expected to finalize the July production increase
2. The extension of negotiations between the United States and Europe and the variable of Iranian supply limited the decline in oil prices
3. US President Trump announced that the trade negotiations with the European Union would be extended to July 9, easing market concerns about the potential decline in fuel demand.
4. If the nuclear negotiations between the United States and Iran fail to reach an agreement, the current sanctions against Iran will continue, which is expected to limit its crude oil supply and indirectly support oil prices.
--- Market expected trend analysis
From the daily chart, the US West Texas Intermediate crude oil (WTI) has recently shown a high-level shock and decline. The price has been blocked above $62 for many consecutive days, indicating heavy pressure from above, and the short-term moving average shows signs of dead cross. Momentum indicators such as MACD dead cross operation suggest that the short-term trend is weak. If it falls below the $61 support, it may drop to the $60 mark, which will become a key short-term support level. If the market news is bearish, the technical pattern has the risk of further decline; on the contrary, if there are positive factors to push oil prices to stabilize and rise, it will need to break through $63 to reverse the weak pattern.
USOIL USOIL USOIL USOIL USOIL 
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Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.