WTI Price Forecast: 100-day SMA caps upside near $85
West Texas Intermediate (WTI) Oil trades on the back foot on Monday after gaining more than 5% last week. The pullback comes even as the broader backdrop remains largely unchanged, with Middle East tensions elevated and shipping through the Strait of Hormuz still heavily restricted.
WTI Oil prices fell on Monday following a 5% increase the previous week, trading at approximately $84.37 per barrel, a 2.28% decrease from the day before. Geopolitical concerns loom as the United States plans to impose additional sanctions on Iran, while Iran has threatened to halt oil exports through the Strait of Hormuz if the sanctions go through.
Strategists at BBH point out China as a critical factor, as it accounts for around 90% of Iran's oil exports. The 100-day Simple Moving Average (SMA) has prevented further price gains, and the current price is below the 21-day and 200-day SMAs. Technical indicators suggest that buying pressure persists, with key support levels at $81.37 and $76.84.
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