WTI Price Forecast: Looks to reclaim $93.00 after defending 38.2% Fibo. support
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some buyers during the Asian session on Tuesday, snapping a four-day losing streak to sub-$91.00 levels, or a nearly two-week low touched the previous day.
WTI, the benchmark US Crude Oil price, saw a brief rally on Tuesday, reversing a four-day decline to trade just below $93.00, marking a two-week low. The price is now up about 1.40% for the day, with the market remaining focused on the Middle East crisis. Iran's Islamic Revolutionary Guard Corps threatened to alter the conflict's geography if the US escalates hostilities, adding to geopolitical risks.
Meanwhile, improving shipments through the Strait of Hormuz and optimism surrounding potential US-Iran talks at the UN General Assembly may limit upside potential for crude oil. Technical indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), suggest the decline could be a consolidation within an uptrend rather than a full reversal, supported by key price levels.
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