The price of crude oil is settling at $61.05 up $0.07 or 0.11%. The near unchanged comes after the OPEC+ meeting this weekend where they confirmed a production increase but also said that they would pause on further production increases. More specifically:
Production Increase for December: The group agreed to raise the output target by a modest 137,000 barrels per day (bpd), which will be implemented in December 2025. This continues the trend of small, gradual increases seen in previous months.
Pause on Future Hikes: OPEC+ announced a pause on any further production increases for the first quarter of the next year (January, February, and March 2026). This decision was made due to typical seasonal weakness in demand during the first quarter and concerns over a potential supply surplus in the market.
Looking at the hourly chart, the high at $61.50 stalled near the low of a swing area between $61.45 and $61.94. Staying below that area keeps the sellers in play.
On the downside, the low price at $60.51 found support buyers near the 100 and 200 hour moving averages between $60.49 and $60.67..
So both support and resistance target did their job, on the extremes.
