WTI crude oil is consolidated near the key support, the OPEC+ decision is coming

• WTI crude oil remains under pressure around $ 65 in the middle of a scarce holiday trade and the lack of new catalysts.
• Traders remain cautious before the OPEC+ meeting of July 5 and the deadline of July 9 for a possible US tariff action. UU.
• OPEC+ is expected to approve a third consecutive increase in the offer for August, although real production remains below the objective.

West Texas Intermediate (WTI) crude oil prices remain moderate on Friday, extending the losses of the previous day and oscillating around $ 65 in the middle of a thin holiday trade, persistent concerns about demand and a lack of new catalysts. The American reference is being negotiated within Wednesday’s range, reflecting a waiting and observation approach by the operators.

The feeling of the market in general remains cautious before two key risk events, the meeting of the Organization of Petroleum Exporting Countries (OPEP+) on July 5 and the next deadline on July 9 for possible US tariffs.

Petroleum operators are closely observing next OPEC+ decisionwith the widely expected group to approve a third consecutive production increase of 411,000 barrels per day for August. While the movement aims to stabilize the market and meet summer demand, real production remains below the objective, since several members fight to increase the offer. Meanwhile, geopolitical tensions have relieved after the stop the fire between Iran and Israel and Iran’s renewed commitment to the Nuclear Non -Proliferation Treaty.

Although the developments on the supply side remain the focus, the general feeling is affected by weak demand signals, since recent data revealed a surprise increase in US oil reserves and a lower gas consumption despite the high summer driving season. The Energy Information Administration (EIA) reported an increase of 3.8 million barrels in reserves last week, while the demand for gasoline fell dramatically, suggesting a weakening of consumer activity. In the global front, the downward reviews of the growth forecasts of oil demand by the International Energy Agency (IE) have further affected the feeling. Together, these winds against the demand side and the uncertainties on the supply side are keeping the WTI crude trapped in a narrow consolidation range.

From a technical perspective, WTI crude oil is being negotiated in a narrow consolidation range, currently oscillating around $ 65.70, just above a critical horizontal support zone about $ 64.00. This level was previously an important resistance during April and May and has now become a key support. A clear rupture below this area could open the door to a deeper correction towards the lower Bollinger band, currently about $ 60.45.

Bollinger bands are beginning to narrow slightly, reflecting a decrease in price volatility. However, the price remains below the midline (20 -day mobile mean), now around $ 67.70, which acts as a dynamic resistance. While WTI remains below this level, bias is still slightly bassist in the short term.

The relative force index (RSI) is about 49, showing a neutral tone. It is neither overwhelmed or oversized, indicating a lack of conviction between operators. This is aligned with the price action within the range in recent sessions.