WTI Oil Heads for Fourth Weekly Loss as Bears Stay in Control

Traders' Opinions

Summary:

WTI crude oil remained under pressure near four-month lows as bearish technical signals outweighed a modest rebound. Oversold momentum may trigger short-term gains, but the broader trend continues to favor further downside.

SELL WTI

EXP

TRADING

68.600

Entry Price

52.000

76.000

68.545 +0.165 +0.24%

0.0

Pips

Flat

52.000

Exit Price

68.600

Entry Price

76.000

West Texas Intermediate (WTI) crude oil remained under pressure on Friday, struggling to build on a modest intraday rebound after falling to its lowest level since late February. The US benchmark briefly climbed toward $69.25 before easing back to trade just above $68.50, leaving prices on course for a fourth consecutive weekly decline as bearish sentiment continued to dominate energy markets.

The recent weakness reflects fading geopolitical risk premiums following progress in US-Iran diplomatic efforts and expectations that global crude supplies will continue to improve. At the same time, investors have become increasingly concerned that slowing global demand could outweigh any near-term supply risks, keeping downward pressure on oil prices. tance levels.

Technical Analysis

WTI crude oil remains under heavy bearish pressure on the 4-hour chart, with price trading near $68.60 after failing to recover above the key $69.00–$70.00 resistance zone. The broader structure remains clearly negative, as crude continues to form lower highs and lower lows following the sharp breakdown from the $79.00–$80.00 area.

The latest price action shows that sellers are still defending every short-term rebound. Former support around $69.00–$70.00 has now turned into resistance, and as long as WTI remains below this zone, the downside bias stays firmly intact.

On the downside, the next major support sits around $55.50–$56.00, which aligns with the projected bearish move on the chart. A sustained break below this area would expose deeper losses toward $52.00.

On the upside, WTI would need to reclaim $70.00 to ease immediate selling pressure. A stronger move above $72.00 would be required to challenge the current bearish structure.

Momentum remains weak, with price consolidating near recent lows rather than showing a convincing reversal. This suggests the current pause is more likely continuation selling than accumulation.

TRADE RECOMMENDATION

SELL WTI CRUDE OIL

ENTRY PRICE: 68.60

STOP LOSS: 70.00

TAKE PROFIT : 52.00

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