WTI Price Forecast: Pulls back from multi-month top near 104.00 as bullish bias holds
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – retreats after touching a fresh high since May 19, around the $104.00 mark during the Asian session on Friday, though the downside seems limited.
WTI Crude Oil prices have fallen from their multi-month high near $104.00, as a bullish sentiment persists. The price now trades above $102.00, up for the third consecutive day. Recent developments such as US Vice President JD Vance's letter to Iran's Supreme National Security Council and Qatar's proposal for a new deal to end the war with the US and Israel, along with Iran's navy reporting four oil tankers struck by mines in the Strait of Hormuz, have kept geopolitical risks in play.
This geopolitical risk premium may further support crude oil prices. From a technical standpoint, WTI remains bullish following its breakout above the 100-period Simple Moving Average (SMA) on the 4-hour chart. The Relative Strength Index (14) is around 57, and the Moving Average Convergence Divergence (MACD) has turned slightly positive, indicating that buyers still dominate the short-term trend.
The lower boundary of the upward-sloping parallel channel is at $100.49, which acts as near-term support. Should the price break below this level, it could signal a weakening of the bullish setup and potentially lead to a fall to the 100-period EMA at $96.97.
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