Crude oil futures plunged on the session, down $2.27 (−3.45%) to $63.45, after trading as high as $65.40 and hitting a low of $62.98. The selloff has been driven largely by a mix of fundamentals: renewed optimism about a diplomatic thaw in the Middle East and fresh reporting that OPEC+ plans to add 137,000 bpd to November supply (effective Nov. 1). Together those forces have shifted the near-term supply/demand picture toward looser balances and knocked sentiment into risk-off for the commodity complex.
From a technical perspective the market has ceded a lot of short-term structure. Prices fell back below the 100-hour moving average at $64.54 and then under the 200-hour moving average at $63.80, and the market is now also trading beneath the 100-day moving average at $64.63. That cluster turns the $64.54–$64.63 band into a key resistance zone — any rally that fails in that area will likely be sold. As long as crude remains under those moving averages, sellers have the edge and downward momentum is likely to persist.
Looking ahead, keep an eye on how the market reacts around today’s low. A decisive break and close below $62.98 would suggest that the next leg lower has begun and would invite traders to seek lower targets; with support between $61.45 and $61.94.