Bears pressure West Texas Intermediate (WTI) as prices settle lower on US jobs data, marking the steepest weekly loss in three months
West Texas Intermediate (WTI) oil prices encountered bearish pressure last week, marking their largest weekly loss in three months.
Weak US jobs data and speculation about earlier Federal Reserve rate cuts weighed on sentiment.
Additionally, US energy companies reduced operating rigs, signalling potential supply constraints.
Technical indicators caution traders, with the Relative Strength Index (RSI) showing negativity in oversold territory, the Moving Average Convergence Divergence (MACD) indicating negativity, and the Average Directional Index (ADX) supporting a bearish trend.
Friday's break below the key support level at $78.55-85 should reinforce the bearish bias towards $75.50-60.
However, volatility stemming from oversold conditions (RSI) may lead to a turbulent journey.
Interim resistance at $80.25-45 presents a challenge, warranting further assessment.
Daily Chart West Texas Intermediate (WTI)
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