WTI Price Forecast: Dips to $91.50 as Middle East jitters limit losses
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts some sellers during the Asian session on Friday, snapping a two-day winning streak and stalling the previous day's recovery from the vicinity of a nearly four-week low.
West Texas Intermediate (WTI) crude oil prices dipped to $91.50 on Friday, down 0.45%, after a two-day winning streak. This decline is attributed to heightened tensions in the Middle East, with the Pentagon potentially deploying additional forces to the Persian Gulf and Iran attacking tankers in the Strait of Hormuz. US President Donald Trump also commented on a potential military action against Iran, keeping the geopolitical risk premium high.
Technical analysis indicates a bearish near-term bias, with key support levels at $90.59 and $87.89, while resistance is seen at $93.28 and $94.08. Supply and demand, geopolitical events, OPEC decisions, and the US Dollar's value continue to influence WTI price movements.
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Also reported by 6 other outlets
- US may send third aircraft carrier and 10,000 troops to Middle East fxstreet.com
- Oil surges past US$102 as US weighs sending troops to Middle East thevibes.com
- Oil holds gains as U.S. weighs more Middle East military presence investing.com
- Senior IRGC adviser says US power in Middle East 'not as portrayed' middleeasteye.net
- Iran war live: US moves 2,000 Marines to Middle East, tanker hit in Hormuz aljazeera.com
- Crude oil jumps as U.S. reportedly sends third carrier, more troops to Middle East seekingalpha.com
