WTI Price Forecast: Retreats from one-month top; slides below $97.50 but uptrend holds
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – kicks off the new week on a weaker note, eroding a part of Friday's strong gains to the $99.25-$99.30 region, or a one-month high.
WTI, the benchmark price for West Texas Intermediate crude oil, dipped slightly from its one-month peak, sliding below $97.50 in early trading but still holding an uptrend. The decline comes as hopes of increased supplies from the US, following President Trump's sanctions waiver on Russia, and ongoing tensions in the Middle East, including Iran's threats in the Strait of Hormuz and Ukraine's large-scale drone attacks on Russia, provide some cushion.
Technical indicators still show bullish momentum, with the price above the 100-period simple moving average on the 4-hour chart and key Fibonacci retracement levels intact. Support levels are expected at $96.25, $94.37, and $92.85, with resistance at the $99.29 Fibonacci swing high. Geopolitical factors, OPEC decisions, and currency fluctuations continue to influence WTI prices, making it advisable to monitor closely before confirming the end of the recent upward momentum.
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