WTI Price Forecast: Bears await acceptance below $88.00, 50% Fibo. support breakdown
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – comes under some renewed selling pressure during the Asian session on Thursday, reversing the previous day's modest recovery gains.
WTI crude oil prices faced renewed selling pressure on Thursday during the Asian session, after a modest recovery the previous day. The benchmark US crude oil price remained above the $88.00 mark, near a four-week low, as traders awaited developments related to the Middle East crisis. The decline was driven by bearish traders who were awaiting further developments surrounding the Middle East crisis.
Technical analysis suggested a potential break below the 50.0% Fibonacci retracement at $87.75, which could expose deeper structural supports at the 61.8% retracement at $84.37 and the 78.6% level at $79.56. On the upside, initial resistance was seen at the 200-period Simple Moving Average ($90.11) followed by the 38.2% Fibonacci retracement at $91.13.
The decision of OPEC and the US Dollar's value also influenced WTI prices, with OPEC quotas and the US Dollar playing key roles in the market dynamics.
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