Over the past 24 to 48 hours, WTI crude oil prices experienced mild fluctuations, closing at around $60.71 per barrel, slightly lower than the previous day’s $61.05. Trading showed a range-bound trend, reflecting a market in adjustment amidst multiple influencing factors.

Key drivers of oil price movements recently include production losses in the U.S. due to Winter Storm Fern and increased diesel demand during the heating season, which provided some support to supply but were not strong enough to push prices significantly higher. Additionally, analysts warn that U.S. shale production could decline by up to 400,000 barrels per day in 2026 if prices drop to $40 per barrel, heightening market attention on future price directions.

Geopolitical risks also continue to shape oil markets, notably with the U.S. deploying a naval fleet to Iran and imposing new sanctions, pushing Brent crude above $66 per barrel and signaling supply concerns. Despite this, expectations of rising inventories from the U.S. Energy Information Administration (EIA) capped WTI at the 200-day moving average, keeping prices hovering near $60.

In summary, WTI crude oil has reflected a complex mix of weather impacts, production dynamics, and geopolitical tensions over the last two days. For average investors, this suggests that while oil prices remain volatile, the conflicting supply and demand signals are causing consolidation, warranting cautious monitoring of inventory data and geopolitical developments ahead.

Daily Chart

The daily chart shows WTI crude maintaining a tight range between approximately $57 and $62 over recent weeks, indicating a consolidation trend. The price has repeatedly tested the 200-day moving average as resistance, reflecting balanced buying and selling pressure. Moving averages are converging, and Bollinger Bands are narrowing, signaling a decrease in volatility and a cautious market stance. The MACD remains in positive territory but momentum is waning, suggesting diminished upward strength. The overall trend is neutral, awaiting clear directional cues.

1H Chart

The hourly chart over the past 3-5 days reveals WTI oscillating within a $60 to $61.50 range. The price is currently near the Bollinger Bands middle line and short-term moving average support, showing potential for a short-term bounce. MACD suggests a possible bullish crossover, indicating strengthening momentum. However, low volume raises the risk of false breakouts. A key support zone lies close to $60; breaching this could lead to further downside pressure.

Technical Trend:  WTI Crude Oil is currently in a cautious consolidation phase, showing some short-term momentum pickup but lacking a definitive directional trend, reflecting a neutral market sentiment.

Technically, WTI is consolidating within a defined trading range, with the crucial factor being whether it can break above the daily 200-day moving average resistance. A successful breakout may trigger a renewed upward move. The short-term hourly MACD bullish crossover presents a possible momentum shift, but insufficient volume warrants caution against false signals. Geopolitical and supply-side uncertainties continue to be potential catalysts for volatility. Traders should closely watch price action and fundamentals for high-probability trade setups.

No significant or directly relevant economic events impacting WTI Crude Oil are scheduled today. Thus, price movement is likely to be driven primarily by technical factors and ongoing market sentiment.

Resistance & Support

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