Bybit X FXStreet Commodity Report: Crude oil sees key support at $60 with upside at $68 if tariffs ease

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Key Highlights:

• Large moves: Oil fell 22% in one week after Trump’s tariff announcement in early April

• OPEC supply control: Cartel decisions move the market quickly

• July is key: OPEC meeting, Iran-US talks and Trump’s tariff policy could shift the price outlook

• Demand risk: Trade war and global slowdown continue to weigh on consumption

• Technical levels: $60 is the key pivot point, and a break could trigger a drop to $54.50

• Fibonacci targets: Upside potential at $63 and $68 if tariffs ease

Trade crude oil fluctuations with Bybit MT5.