West Texas Intermediate (WTI) Oil Pulls Back as Geopolitical Uncertainty and Trump Tariff Announcement Weigh on Markets
West Texas Intermediate (WTI) oil prices pulled back from recent gains, dropping as investors assessed the ongoing uncertainty in the Middle East.
OPEC+ may consider maintaining its current oil output cuts from January 1 at its upcoming meeting on Sunday, according to Azerbaijan's Energy Minister Parviz Shahbazov.
Meanwhile, President-elect Donald Trump announced plans to sign an executive order imposing a 25% tariff on all goods coming into the US from Mexico and Canada.
Technically, the 3-day Relative Strength Index (RSI) is mixed, while the Moving Average Convergence Divergence (MACD) remains mixed, also.
The Average Directional Index (ADX) suggests a ranging market.
Overall, since the recent bounce from near-term support at $66.60–80, the upside target is expected to hold toward $72.20–25.
Reassessing positions at this level is recommended in case of profit-taking.
Daily Chart West Texas Intermediate (WTI)
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