WTI oil falls 2% amid signs of additional OPEC+ output increase

WTI oil extended losses for the third consecutive session, accelerating its decline on Tuesday and shedding around 2% during Asian and early European trading hours.

The earlier rally driven by U.S. sanctions on Russia’s two largest oil producers lost momentum amid renewed optimism over a potential U.S.-China trade deal.

Additional pressure emerged after recent signals that OPEC+ may increase production further in December, with the group scheduled to hold an online meeting on Sunday.

Fresh selling pushed prices below the key $60 support area (psychological level / 38.2% Fibonacci retracement of $55.96–$62.58 advance / 20-day moving average), though buyers have so far managed to prevent a deeper drop.

The strength of this support, combined with oversold hourly indicators, prompted a mild rebound likely reflecting short-term consolidation rather than trend reversal, as daily technicals remain largely bearish — momentum stays negative, the stochastic is only starting to emerge from oversold conditions, and moving averages remain mixed.

A firm break below $60 would open the way towards $59.27 and $59.12 (50% retracement and 10-day moving average).

Alternatively, holding above $60 could temporarily ease selling pressure, while a recovery and close above the $61.00 area (broken 23.6% Fibonacci retracement / 30-day moving average) would offer modest relief.

Res: 60.66; 61.02; 61.47; 62.15
Sup: 60.00; 59.65; 29.27; 59.12