Crude oil futures for May delivery slipped $0.11 to settle at $69.00 per barrel on Tuesday, marking the first decline after 4 consecutive days of gains.
Crude oil technicals
The modest pullback followed reports of a ceasefire agreement between Ukraine and Russia covering the Black Sea. However, broader supply concerns remain intact, particularly after former President Donald Trump threatened to impose 25% tariffs on U.S. imports from countries purchasing Venezuelan oil — a move aimed at major buyers like China, India, and Spain. Venezuela remains a significant U.S. supplier, accounting for 226,000 barrels per day last week.
Compounding supply concerns, the U.S. has also intensified sanctions on Iranian oil exports. Despite these pressures, oil prices showed underlying strength. On the 4-hour chart, WTI moved above its 200-bar moving average for the first time since February 3, with that level currently at $69.20. The intraday high reached $69.65.
Looking ahead, further upside requires not only a sustained move above the 200-bar MA but also a break above the 38.2% retracement of the decline from the January 2025 high — which stands at $71.13. From a technical standpoint, clearing that level is the minimum threshold needed to shift the bias more convincingly in favor of the bulls.
