Friday’s Settlement: 61.53, up +0.33 [+0.54%] for the day, down -0.44 [-0.71%] for the week

WTI Crude Oil futures fell last week in a choppy trade. A risk-off tone gripped markets to end last week as positive momentum in trade talks stalled. Concerns over inflation and a slowdown in global economic activity resurged last week. Fears over OPEC+ July output hikes also drove selling in crude oil markets.

Today, Crude Oil is down -0.49 [-0.80%] to 60.40

Coming out of the long weekend, Donald Trump delayed the tariff initiation date to July 9th. This caused a sharp risk-on move with equities and treasuries rallying higher alongside a stronger US dollar.

Crude had followed suit, but fell after OPEC+ set their July output meeting for Saturday. Futures are rallying back this morning after President Trump gave his approval for tighter sanctions on Russia. The president is frustrated with Putin after continued strikes on Kyiv over the weekend.  

Data Releases:  

N/A

Technical Analysis:

With the technical setup where it is, and OPEC+ scheduled for Saturday, we’re likely looking at a range-bound market. Risk looks skewed to the downside as we start the week.  

We are eying the 59.56-60.08*** level closely. If this breaks, a run back to the lows around our major, rare 54.33-54.95**** level becomes much more probable. The 59.56-60.08*** level held on Friday, and we’re nearing support at the 61.00-61.26** level this morning.

With the macro-trade setting up as risk-on this morning, price action through the day will be important to watch. Crude is showing relative weakness compared to the rest of the macro space right now which is not great news for the bulls.

For intraday trading, our pivot and point of balance is set at…

Check out the chart Here https://bluelinefutures.com/2025/05/27/wti-holds-key-support-but-relative-weakness-raises-flags/

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