WTI Price Forecast: Sticks to recovery gains below $89.00; lacks bullish conviction
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher on Wednesday, reversing a part of the previous day's heavy losses to an over three-week low, though it lacks follow-through.
West Texas Intermediate (WTI) crude oil prices have rebounded slightly, trading near $88.80, up just over 0.80% for the day. However, the gains appear to be short-lived, as the market awaits further developments in the Middle East crisis. Traders are concerned about the lack of a diplomatic solution to end the US-Iran conflict, as well as the potential return to major combat following the midterm elections.
Geopolitical risks continue to support crude oil prices, but signs of recovering Middle East exports put a cap on upside potential. Technical analysis suggests that any further recovery could face selling pressure near the $89.78 200-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) remains near the oversold band, indicating potential selling pressure.
The weekly Oil inventory reports and the decisions of OPEC, a group of major oil-producing countries, also play a significant role in determining WTI prices.
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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