WTIUSD

WTI Crude Oil prices showed an upward trend last week due to concerns about supply shortages stemming from sanctions on Russia and Iran, expectations of stimulus in China, and the impact of major central banks' interest rate cut processes. However, the new week seems to have started with profit-taking. The course of European and US stock markets and PMI data may be closely monitored throughout the day. During this period, as long as pricing remains above the 69.50 – 70.00 support levels, the upward outlook may be in the forefront.

Technically, WTI Crude Oil is trading at 70.425 on the 4-hour chart. In upward movements, prices may target the 71.00 and 71.50 resistance levels. In case of possible declines, the 70.00 - 69.50 support levels may play an important role. The RSI indicator is at 48, indicating a neutral stance. In the last 24 hours, prices have seen a slight decrease of 0.03%.