West Texas Intermediate (WTI) oil prices hit a 14-month low as demand concerns overshadowed a significant U.S. storage withdrawal
West Texas Intermediate (WTI) oil prices hit a 14-month low as demand concerns overshadowed a significant U.S. storage withdrawal
West Texas Intermediate (WTI) crude oil prices held at the key $68.60 support level on Thursday, marking a 14-month low.
Demand concerns in the U.S. and China and potential increased supplies from Libya overshadowed a significant 6.9-million-barrel draw from U.S. inventories and OPEC+'s decision to delay planned output increases.
OPEC+ agreed to postpone oil output hikes for October and November and may further adjust if necessary.
Based on the key technical indicators—including a negative 3-day Relative Strength Index (RSI), mild bullish divergence, a negative Moving Average Convergence Divergence (MACD), and an Average Directional Index (ADX)—a weak bear trend suggests a potential bounce could be imminent.
With the support intact at $68.60, the bullish bias is expected to strengthen and aim for resistance at $69.80 to $70.60-70. Reassess from there.
Daily Chart West Texas Intermediate (WTI)
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