Insights 
VT 
Key Points:
- WTI crude rises 0.8% to $66.54, Brent crude gains 0.7% to $68.82 on trade optimism.
- Chevron resumes production in Venezuela, adding 200,000 barrels/day to global output.
Oil prices firmed on Thursday, defying supply concerns as optimism around US-European Union trade talks helped ease demand anxiety in global energy markets.
West Texas Intermediate (WTI) rose 0.8% to $66.54 per barrel, while Brent crude advanced 0.7% to $68.82. The uptick follows a series of trade developments that analysts say may reduce uncertainty across commodity sectors.
Traders were particularly buoyed by comments from ING analysts, who noted that “talks with the EU are moving in the right direction.” These negotiations have helped allay fears of trade barriers that might otherwise slow global economic activity and by extension, oil demand. Improved trade clarity is often a green light for risk assets, including crude.
Still, the upside is tempered by a fresh wave of expected supply. The White House authorised Chevron to restart oil production in Venezuela, a move that could add over 200,000 barrels per day to global output. The decision is intended to alleviate pressure in the heavy crude segment, which has faced tightness amid reduced output from other sources.
Technical Analysis
The price action on the 15-minute chart shows crude oil reclaiming momentum after bouncing from the $64.72 low. Price is now consolidating above the $66.30 mark, just shy of the intraday high of $66.668.
Picture: Crude oil recovers above $66.30 as bulls reclaim near-term control, as seen on the VT Markets app
This upside push is backed by a bullish alignment of short-term moving averages (5, 10, 30), indicating buyers are stepping in on dips.
The MACD (12,26,9) has flipped into positive territory after a bullish crossover, with histogram bars growing steadily. This points to strengthening momentum.
If the current trend holds, oil could attempt to break the $66.70–$66.80 resistance zone formed by previous rejection wicks. A sustained breakout may open the door toward $67.20 and $68.00.
On the downside, immediate support rests at $66.00, followed by $65.60, which aligns with the 30-MA slope and recent consolidation floor.
Cautious Forecast
Should WTI remain above the $66.20–66.30 range, bulls may target the $67.00 handle next. However, traders must monitor headlines around Venezuela and broader risk sentiment.
If heavier crude re-enters the market more rapidly than expected, the current rally could face resistance above $66.80. Momentum favours the upside, but the supply-demand balance remains fragile.
