Downward pressure is partially offset by weekly data from the American Petroleum Institute (API), which reported a 3.674 million barrel decline in crude stocks, as well as the ongoing U.S. government shutdown. Analysts warn that the shutdown could disrupt the collection and publication of key macroeconomic data, which in turn may prevent the Federal Reserve from further interest rate cuts due to the lack of fresh statistics.

Later today at 16:30 (GMT+2), the U.S. Energy Information Administration (EIA) will release its weekly inventory report. Markets expect commercial crude reserves to rise by 1.5 million barrels, which could add to the downside pressure on prices.

Support and Resistance Levels

The price has consolidated below 62.50 (Murray level [0/8]), which could drive a continued decline toward 60.93 (Murray level [–2/8]) and 59.35. A breakout above 63.28 (Murray level [1/8])—reinforced by the midline of the Bollinger Bands—would allow the rally to extend toward 65.62 (Murray level [4/8]).

Technical indicators point to further weakness: Bollinger Bands and Stochastic are turning downward, while MACD hovers near the zero line with low volumes.

Resistance levels: 63.28, 65.62.

Support levels: 60.93, 59.35.

WTI Crude Oil Chart

Trading Scenarios and WTI Crude Oil Forecast

Short positions may be opened from 61.90 targeting 60.93 and 59.35 with a stop-loss at 62.60. Timeframe: 5–7 days.

Long positions may be considered above 63.28 with a target at 65.62 and a stop-loss at 62.20.

Scenario

Timeframe Weekly
Recommendation SELL STOP
Entry Point 61.90
Take Profit 60.93, 59.35
Stop Loss 62.60
Key Levels 59.35, 60.93, 63.28, 65.62

Alternative Scenario

Recommendation BUY STOP
Entry Point 63.30
Take Profit 65.62
Stop Loss 62.20
Key Levels 59.35, 60.93, 63.28, 65.62