• WTI slips toward $60.00 as traders react to OPEC+’s pause in planned output hikes.
• Oversupply fears persist, with the decision seen as insufficient to tighten the market.
• Technical outlook remains bearish below key moving averages, with near-term support seen near $59.65.

West Texas Intermediate (WTI) trades on the back foot on Tuesday as traders digest the latest OPEC+ decision to pause planned supply increases, with lingering oversupply concerns capping upside momentum. At the time of writing, WTI is changing hands around $60.20 per barrel, staging a mild recovery after briefly slipping to $59.79, down nearly 1.10% on the day.

Adding to the downside pressure, a stronger US Dollar (USD) is weighing on commodity prices, making dollar-denominated assets like Crude Oil more expensive for overseas buyers. The US Dollar Index (DXY), which tracks the Greenback's strength against a basket of six major currencies, is hovering near 100.08, its highest level since early August.

From a technical perspective, WTI’s near-term outlook appears bearish as the price continues to trade below the 50-day and 100-day Simple Moving Averages (SMAs). The failed attempt to sustain gains above the $61.50-$62.00 area, a key former support now turned resistance, highlights persistent selling pressure. This zone also aligns closely with the 50-day SMA, reinforcing it as a strong ceiling for any near-term recovery attempts.

The 21-day SMA around $59.65 is acting as immediate support, having provided a floor in recent sessions. A sustained break below this level could invite fresh selling pressure, exposing the October 22 low near $57.31, followed by the October swing low around $56.00. A daily close below the latter would reaffirm the bearish trend and open the door for deeper losses toward the mid-$50s.

On the upside, a clear break and daily close above the $61.50-$62.00 barrier would be required to ease the prevailing downside bias. Even then, the 100-day SMA near $63.65 remains a crucial hurdle that bulls must reclaim to regain control.

Meanwhile, the Fixed Range Volume Profile shows the heaviest trading activity clustered between $60.00 and $62.50, suggesting strong supply in that region. The Relative Strength Index (RSI) stands near 47, reflecting neutral-to-bearish momentum.