WTI Price Forecast: Eyes $93.00 as bulls retain control above 200-SMA support on H4
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts fresh buyers following the previous day's good two-way price swings and climbs to the $93.00 neighborhood during the Asian session on Tuesday.
WTI crude oil prices are projected to reach $93.00 in the near term as bullish sentiment prevails above the 200-period Simple Moving Average (SMA) on the 4-hour chart. This bullish outlook is supported by technical indicators such as the Relative Strength Index (14) hovering above 50 and the Moving Average Convergence Divergence (MACD) showing a modest positive reading.
However, the geopolitical risk premium remains in play due to ongoing tensions between the US and Iran, which have temporarily halted oil exports from Saudi Arabia following Houthi drone strikes. Despite these challenges, the prevailing bullish sentiment surrounding the US Dollar may help cap crude oil prices. The immediate resistance level is at the 23.6% Fibonacci retracement near $95.31, with a potential break opening the way for a more extended bullish run.
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