WTI Holds Near $60 as Record Iraqi Exports Offset Russian Supply Cuts

WTI starts the week slightly softer, trading around $60 after failing to hold above $61.80 in earlier sessions.

👉 The price is still moving inside a descending channel, with resistance sitting near $61.80–$62.50 and support around $58–$60.

Technically, oil remains range-bound, consolidating just below key resistance while buyers continue to defend the lower levels.

👉 A breakout above $61.50 could open the way toward the channel top, but another rejection here might bring a retest of the $58 demand zone near the channel’s lower boundary.

🌍 What’s Driving Prices

The fundamental backdrop is mixed, balancing new supply and geopolitical constraints:

• Iraqi exports hit a record, topping 102 million barrels in September, signaling mild oversupply within OPEC+.

• New U.S. sanctions on Russia’s oil majors Lukoil and Rosneft are expected to reduce Russian output, offsetting part of that extra supply.

• On the demand side, optimism around a potential U.S.–China trade deal continues to support risk sentiment, helping crude avoid a deeper correction.

In short:

• More supply = pressure on prices 📉

• Less supply or steady demand = price support 📈

Right now, these forces are roughly balanced, keeping crude trapped between $58 and $62.

Technical Outlook

• Resistance: $61.80–$62.50 (channel ceiling and key rejection zone).

• Support: $58–$60 (demand base and lower channel boundary).

• Momentum bias: Neutral – waiting for breakout confirmation.

Until oil escapes this compression, short-term traders can continue using range setups while position traders wait for a decisive close above or below structure.

👉 You can test and replay this exact setup using our Trading Simulator.

Market Psychology

Range markets are where discipline matters most. Impatient traders get chopped up trying to predict the breakout. Structured traders wait for confirmation and trade the reaction, not the noise.

This is the environment where patience is alpha.

Bottom Line

WTI remains inside a descending channel between $58 and $62, as mixed supply and demand factors cancel each other out.

• Above $61.50 → opens upside toward $62.50 and the upper channel.

• Below $58 → exposes a retest of deeper demand levels.

Until then, expect continued range trading while the market balances supply pressure against geopolitical support.

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Disclaimer: This is not financial advice. All information is for simulation and educational purposes only.