West Texas Intermediate (WTI) Prices Edge Lower as Traders Digest Israel Ceasefire
West Texas Intermediate (WTI) oil prices extended their decline Wednesday after Israel's ceasefire agreement with Hezbollah reduced geopolitical risk.
However, losses were limited by an unexpected, substantial draw in US oil inventories, suggesting tighter supply conditions.
This was supported by a report indicating that OPEC+ may delay plans to increase production with the cartel meeting on December 1.
The American Petroleum Institute data revealed a nearly 6-million-barrel decline in US oil inventories for November 22, defying analyst expectations for a 0.25-million-barrel build.
Based on the technicals, the 3-day Relative Strength Index (RSI) is mixed, while the Moving Average Convergence Divergence (MACD) remains mixed.
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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