WTI Price Forecast: Consolidates below mid-$96.00s as Mideast jitters favor bulls
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – struggles to capitalize on the overnight modest bounce from the $94.65 area, or the weekly low, and remains on the defensive during the Asian session on Friday.
West Texas Intermediate (WTI) crude oil prices struggle to capitalize on a modest overnight bounce, remaining defensive in Asian trading on Friday. The benchmark US Crude Oil price currently trades near $96.35, down 0.20% for the day, but still near a May high. The Middle East crisis adds geopolitical risk, with Iran's Islamic Revolutionary Guard Corps (IRGC) targeting a Togo-flagged tanker in the Strait of Hormuz and US President Donald Trump considering a major decision on resuming large-scale attacks on Iran.
Despite this, the technical analysis suggests a bullish near-term bias, with crude oil prices supported by the 100-day SMA, 61.8% Fibonacci retracement, and positive MACD and RSI indicators. However, crude oil has yet to surpass the 78.6% Fibonacci level at $98.55 or the recent cycle high at $107.11. Support is seen at the 61.8% Fibonacci level at $91.82, followed by the 50% retracement at $87.10 and the 100-day SMA near $85.24.
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