WTI Crude Oil Weakness Drives Prices Near 3-Year Low as Demand Outlook Wavers
West Texas Intermediate (WTI) crude oil prices fell after OPEC+ downgraded its 2024 and 2025 demand forecasts.
Weaker global demand and oversupply concerns pressured prices.
Additionally, Chinese inflation data showed rising consumer prices, but weak domestic demand, and Tropical Storm Francine is expected to become a hurricane, potentially impacting Gulf oil production.
Based on key technical indicators—the 3-day Relative Strength Index (RSI) is negative and oversold, the Moving Average Convergence Divergence (MACD) is negative, and the Average Directional Index (ADX) shows a bearish trend—further downside may be anticipated due to the support break of $68.60.
However, with the RSI in oversold territory, traders should monitor signals closely and adjust risk strategies if the bounce extends.
Daily Chart West Texas Intermediate (WTI)
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