WTIUSD

WTI crude oil prices are maintaining a calm trend ahead of the OPEC+ meetings. The expectation that OPEC+ will delay its production increase for another three months contributes to balanced pricing in the market. However, the decline in commercial oil inventories and the increase in production in the U.S. are sending mixed signals on the supply side. In the U.S., falling inventories typically support prices, while rising production can exert downward pressure. Developments in Asian markets and statements from Fed Chair Powell could also have indirect effects on the oil market.

Technically, according to the price movement observed on the 4-hour time frame chart of WTI crude oil, the 69.00 – 69.50 resistance zone remains significant. As long as prices remain below this level, the downward pressure may continue, and prices may test the support levels of 68.00 and 67.50. The RSI indicator is at the 40 level and shows a negative outlook, indicating that the selling pressure could persist. A slight decline of 0.06% compared to yesterday's close has been observed. To sustain the rally, persistent movements and closures above the 69.50 level should be observed.