West Texas Intermediate (WTI) Oil Near One-Month Highs, Eyes $70.45-65 Range Amid Supply Tightening
West Texas Intermediate (WTI) oil prices remained near one-month highs on Friday, set for a third weekly gain due to a tightening supply outlook.
This followed US tariffs on Venezuelan oil buyers and curbs on Iranian oil trade.
Data showed US crude inventories fell by 3.3 million barrels to 433.6 million, surpassing expectations of a 956,000-barrel draw.
The 3-day Relative Strength Index (RSI) is positive, and the Moving Average Convergence Divergence (MACD) is positive.
The Average Directional Index (ADX) suggests a bull trend.
As demand is expected to increase, bulls are eyeing the $70.45-65 level, with further upside potential toward $71.50.
Any pullback is expected to be shallow.
Daily Chart West Texas Intermediate (WTI)
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