WTI US crude Oil prices are facing renewed selling pressure on Friday, dampening the previous day’s modest recovery. Trading below mid-$76.00s, the commodity has dropped over 0.70% for the day.
Technical analysis indicates that Crude Oil struggled to sustain gains above the crucial 200-day Simple Moving Average (SMA) earlier this week. The pullback from the monthly peak suggests the recent recovery may have stalled, with mixed oscillators on the daily chart signaling caution for bearish traders.
To confirm a bearish trend, traders should monitor a break below the $75.70-$75.65 support zone, potentially leading to a decline towards $75.00 and $74.25 levels. On the upside, resistance is seen near $77.00 and the 200-day SMA at $77.80, with further hurdles at $78.00, $78.20, and the monthly peak near $78.75-$78.80.
WTI daily chart
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets, sourced in the United States and distributed via the Cushing hub. It is known for its quality and is a benchmark for the Oil market. Factors such as supply and demand, global growth, political instability, and OPEC decisions influence WTI Oil prices.
Weekly Oil inventory reports from the API and EIA also impact WTI Oil prices, as changes in inventories reflect supply and demand dynamics. OPEC’s production decisions can tighten or loosen supply, affecting Oil prices accordingly.
Overall, monitoring technical indicators, global economic conditions, geopolitical events, and OPEC meetings can provide insights into the direction of WTI Crude Oil prices and help investors make informed decisions.