The price of crude oil move down $1.53 or 2.42% settling at $61.62. Contributing to the downward bias includes:
Potential U.S.–Iran nuclear deal: May lead to lifting of sanctions on Iranian oil exports, increasing global supply.
OPEC+ production increases: Scheduled to add 411,000 bpd as part of the continued rollback of earlier cuts.
IEA demand outlook: Sees global demand growth slowing from 0.99M bpd in Q1 to 0.65M bpd for the rest of 2025.
IEA supply outlook: Revised 2025 global supply growth upward to 1.6M bpd, from 1.2M bpd previously.
Macroeconomic headwinds: Ongoing tariff tensions and slowing global growth are weighing on oil demand.
Technically, the price of oil moved down to test the 200-hour MA today at session lows. The price did extend below that MA but could not sustain momentum. The price is back below the 100 and 200-hour MAs. The higher 100 hour MA is at $62.12. The 200-hour MA is at $60.41. THose MAs will be barometers for more bullish or more bearish bias on a break higher or lower. .
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about crude oil settles at 61 62 was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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