Oil Slips: WTI Sinks to $61.35 as Trade Uncertainty and OPEC+ Moves Loom

WTI crude futures fell to around $61.35 on Tuesday, their second day of losses. Investors are still on edge as U.S.-China trade talks are stuck in limbo. Treasury Secretary Scott Bessent only added to the confusion saying it’s now “up to China” to ease tensions — leaving many to wonder if any real talks are happening at all.

With the world’s two biggest economies at a standstill, worries about a global slowdown are creeping back in. And slower growth means weaker demand for energy — bad news for commodities like oil. Meanwhile the market’s already cautious mood turned even more defensive after hints that OPEC+ could increase production at its May 5 meeting.

And another layer of uncertainty: progress in U.S.-Iran nuclear talks. If a deal is reached and sanctions are lifted we could see a fresh wave of Iranian oil hit the market and tip the already fragile supply-demand balance.

WTI Crude Breaks Key Support: More Downside Ahead?

From a technical standpoint WTI crude (WTI/USD) has broken below $62.00 and is now around $61.35. This wasn’t just a small pullback — prices also dropped below the 50-period EMA ($62.48) on the 2-hour chart, indicating a clear shift in momentum to the bears.

If you’re new to trading: a “breakdown” happens when a price falls below a key support level, often triggering more selling as confidence erodes. Unless WTI can get back above $62.00 the risk is growing for a deeper slide, with the next supports at $61.15 and $60.55.

Quick Trade Setup to Watch:

• Sell Breakdown: Below $61.15

• Target 1: $60.55

• Target 2: $59.85

• Stop-loss: Above $62.00

Be patient here. It’s smart to wait for a possible retest of $62.00 and see if it holds as resistance. Failed breakdowns can trap sellers and trigger sharp, unexpected rallies.

Key Drivers to Watch in the Days Ahead

Keep an eye on these major catalysts that could move oil prices:

• OPEC+ Meeting: Will they increase production?

• U.S.-China Trade Talks: Any real progress and oil sentiment will shift quickly.

• Iran Nuclear Talks: A deal could bring more supply sooner than expected.

Until then the technicals are bearish. Unless buyers can get back above $62.00 with conviction WTI could go to $60.55 — or lower.