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

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    TradFi
    Crypto Insights
    May 30, 2025
    5 min read
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    Disclaimer: Please note that Bybit Gold & FX has been renamed to Bybit TradFi as of June 2025. Bybit TradFi is powered by Infra Capital (Mauritius FSC licensed).

    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

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