WTI Price Forecast: Consolidates above $89.00; bullish bias remains amid Iran risks
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on a modest Asian session uptick and currently trades just above the $89.00 mark, unchanged for the day.
WTI futures settle just above $89.00, holding steady for the day as traders weigh the impact of tensions between the United States and Iran. Despite this technical level, the benchmark crude oil price is inching closer to its July high of $106.87. Technical indicators, including the 100-day Simple Moving Average ($85.10) and the 50.0% Fibonacci retracement ($86.86), continue to support a bullish short-term outlook.
Momentum metrics, such as the Relative Strength Index (14) near 62 and a positive MACD histogram, further endorse this bullish sentiment. Should the price surpass the immediate resistance at $91.58, it could serve as a catalyst for further upside. However, if a pullback occurs, support levels at $86.86 and $85.10 may provide a buffer.
The broader Oil market remains influenced by geopolitical developments, OPEC production decisions, and the value of the US dollar.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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