WTI Price Forecast: Hangs near four-week low, around $89.00 as bears seem noncommittal
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts sellers for the second straight day on Monday and sticks to its intraday losses around the $89.00 mark through the early European session.
WTI, the benchmark price for US Crude Oil, remains stagnant around the $89.00 mark on Monday, with sellers dominating the market for the second consecutive day. The price has been hovering near a four-week low, previously reached on Friday. Despite easing supply concerns and the G7's decision to release 100 million barrels of crude and fuel products from emergency reserves, geopolitical tensions, particularly the US-Iran standoff and the widening Russia-Ukraine war, have limited the price's decline.
Technical analysis suggests that WTI needs to break below the 38.2% Fibonacci retracement level of the July-September upswing to sustain further losses, potentially reaching sub-$88.00 levels. However, a break below $84.50 could provide support at the 50% retracement level and the 100-day Simple Moving Average. Should WTI manage to break above $94.13, the next resistance would be the 23.6% Fibonacci retracement at $102.40.
Factors such as global growth, political instability, OPEC decisions, and the US Dollar value continue to influence WTI's price.
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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