WTI Price Forecast: Bulls seem hesitant near $89.00 amid easing supply risks
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – edges higher during the Asian session on Tuesday, reclaiming the $89.00 mark and snapping a two-day winning streak. The black liquid, however, remains close to a four-week low, touched last Friday, amid mixed fundamental cues.
West Texas Intermediate (WTI) crude oil prices show tentative gains during Asian trading hours on Tuesday, reaching the $89.00 level. However, the commodity remains near a four-week low after touching $88.52 Friday. Geopolitical tensions in the Middle East offer some support, but easing supply risks due to G7 stockpile releases may limit upward momentum.
Technical analysis indicates WTI has found support below the 200-period Simple Moving Average on the 4-hour chart. To sustain further losses, crude oil prices must break below the 38.2% Fibonacci retracement of the recent rally at $93.62. The immediate support level is found at the 38.2% retracement at $88.52, with deeper support at $84.40 and $80.29.
Supply and demand dynamics, geopolitical events, OPEC decisions, and the US Dollar's strength or weakness are key factors influencing WTI oil prices.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
