WTI crude oil price are stuck below the important $60 mark due to a strong bearish technical setup. Selling pressure continues as traders stay cautious about global demand and rising supply conditions. Until WTI breaks above $60 with strong volume, the trend is likely to remain weak. Technical charts also show that sellers are still in control, and any bounce may face resistance near higher levels.
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West Texas Intermediate (WTI) Crude Oil remains under pressure on Friday, with prices struggling to find traction as persistent oversupply concerns continue to dominate market sentiment. At the time of writing, WTI is trading around $57.10, hovering near recent lows and on track to post a weekly decline of more than 4%.
Russian crude
The broader tone in the oil market remains cautious as investors focus on signs that global supply continues to outpace demand. Geopolitical developments are also shaping sentiment. Markets remain attentive to Russia-Ukraine peace-talk optimism, with traders viewing any meaningful progress toward a deal as a potential pathway for additional Russian crude to return to global markets.
From a technical perspective, WTI’s broader outlook remains bearish, with prices facing repeated rejections near the $60.00 psychological level. The daily chart shows prices trading below their key moving averages, underscoring the prevailing downside bias and suggesting that seller remains firmly in control.
On the downside, immediate support is located in the $56.50-$56.00 zone, which marks the October swing low. A daily close below this area would reinforce the bearish trend and open the door for deeper losses toward the year’s low near $54.80.
On the upside, overhead resistance from the descending moving averages continues to cap recovery attempts, with any rebound likely to face selling interest ahead of the $60.00 handle. Unless prices manage a sustained move back above this level, the near-term outlook remains tilted to the downside.
Momentum indicators also favour bears. The Relative Strength Index (RSI) remains below the neutral 50 mark, reflecting weak upside momentum, while the Moving Average Convergence Divergence (MACD) has slipped below its signal line and remains in negative territory, with the histogram pointing to strengthening bearish momentum.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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