WTI Crude Holds Above $71 as Markets Brace for U.S. Tariffs and OPEC+ Talks

WTI crude oil futures hovered around $71 per barrel on Wednesday as traders awaited the official rollout of U.S. reciprocal tariffs, a move that could intensify global trade tensions.

While the White House has yet to reveal specifics, officials confirmed that the measures would take effect immediately following today’s announcement.

President Donald Trump indicated the tariffs would impact a broad range of countries, stoking concerns over a potential economic slowdown that could dent global energy demand.

At the same time, oil continues to draw support from escalating geopolitical risks, including Trump’s threat of secondary sanctions on Russian oil and increased pressure on Iranian exports—part of his broader “maximum pressure” strategy.

Adding to the supply narrative, API data showed a 6 million barrel increase in crude inventories, while gasoline stocks dropped by 1.6 million barrels.

OPEC+ in Focus

Traders are also keeping a close eye on the upcoming OPEC+ meeting, expected to provide fresh signals on output strategy. With prices consolidating and geopolitical risks rising, any commentary on production adjustments could shift market sentiment quickly.

Technical Outlook: Channel Support Intact, $72.05 in Sight

From a technical standpoint, WTI crude remains comfortably within a rising channel on the 4-hour chart. Price action has consistently respected the trend structure, with buyers maintaining control above the $71.00 level—a key psychological and technical support zone.

The 50-period EMA, currently at $69.73, continues to rise beneath price, reinforcing the underlying bullish trend.

LevelSignificance$71.00Immediate support (channel base)$72.05Short-term resistance$73.09Next major resistance$70.00Key support zone

The Relative Strength Index (RSI) is holding near 63, suggesting continued bullish momentum without overbought conditions. This leaves room for further upside, especially if geopolitical developments or supply-side headlines emerge.

Near-Term Outlook: Bullish Bias Holds

In the near term, WTI is likely to trade between $71.00 support and $72.05 resistance, with scope to break higher if momentum persists. A clean move above $72.05 could open the door toward the $73.00–$74.50 zone.

As long as prices stay above $70.00–$71.00, the technical bias remains positive—supported by rising trendlines, a firm EMA base, and broad macro tailwinds.