WTIUSD

WTI crude oil prices have managed to limit losses following the American Petroleum Institute's announcement of a 4.7 million barrel decline in inventories. However, concerns about China's economic growth and expectations of increased production outside of OPEC+ are exerting pressure on the oil markets. On the other hand, sanctions on Iran and Russia and efforts by OPEC+ are among the factors supporting prices. The Federal Reserve's monetary policy statement this evening could cause new pricing volatility in the markets.

Technically, WTI crude oil prices are maintaining their position below the resistance zone of 69.50 - 70.00. As long as prices remain below this level, downward pressure may continue. In declines, the levels of 69.00 and 68.50 can be monitored as support. The RSI indicator is at 40, showing a negative outlook. If the price recovers, resistance levels at 70.50 and 71.00 may come into play. However, for the upward movement to be sustainable, a solid close above 70.00 is necessary. Currently, the price has shown a decline of 0.11% compared to the previous day.