West Texas Intermediate (WTI) Oil Prices Settle Lower Amid Soft Demand and Oversupply Concerns
West Texas Intermediate (WTI) oil prices closed lower on Wednesday as concerns over soft demand and oversupply persisted.
The International Energy Agency (IEA) projects that the global oil supply will rise by 630,000 barrels per day (bpd) this year and by 1.9 million bpd in 2025, reaching a total of 104.8 million bpd.
This increase in supply is expected to outpace demand. The IEA forecasts global oil demand growth to accelerate from 840,000 bpd in 2024 to 1.1 million bpd in 2025.
The report followed OPEC’s monthly update, which revised down its demand growth forecast.
Based on the 3-day Relative Strength Index (RSI), it is positive, while the Moving Average Convergence Divergence (MACD) gives a mixed signal.
The Average Directional Index (ADX) points to a ranging market.
Since the rebound from the $66.60–80 support zone, traders should reassess positions as a squeeze would expect heightened volatility and possibly target $71.00-50 to $72.30-50. Reassess from there.
Daily Chart West Texas Intermediate (WTI)
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