WTI Crude Oil XTIUSD Chart Technical Outlook Further consolidation is expected ahead of the OPEC+ meeting.
Oil prices ticked up on Monday, as positive manufacturing activity data from China partially offset the negative impact of the easing tensions in the Middle East.
Oil rallies, however, are likely to remain limited with all eyes on the OPEC+ meeting due later this week. The world’s major crude producers will, highly likely, postpone their plan to increase production higher due to the weak demand outlook of 2025.
All in all, I expect last week’s choppy and sideways trading of the last weeks to continue over the next sessions. Resistances at $69.35 and $70.20 are expected to hold bulls. A break of $67.85 would bring the $66.50-70 support area into focus.
