oil WTI

The WTI crude oil barrel has shown a steady variation of barely 2% over the past two weeks of trading, settling around the $60 per barrel zone.

WTI crude has dropped more than 18% over the past seven trading sessions, and the strong bearish bias has remained intact.

After falling to the $65 per barrel zone, WTI has posted a recovery of over 6% over the past two weeks of trading. For now, the bias remains neutral, as the market stays focused on the potential outcomes of U.S. trade tariffs.

After falling to the $65 per barrel zone, WTI has rebounded by more than 4% over the last five trading sessions.

The price of WTI crude has dropped more than 6% over the past four trading sessions, settling around $67 per barrel, a level not seen since early December 2024.

The price of WTI has dropped more than 3% over the last three trading sessions. This significant bearish movement is mainly due to a potential easing of geopolitical tensions, such as the conflict in Ukraine.

With futures traders continuing to cover longs, further losses cannot be ruled out without a fresh fundamental catalyst. But given crude oil's 11% decline and plethora of support levels above $70, a technically-driven bounce is not a crazy idea.

WTI crude has accumulated a loss of more than 8% in value since mid-January of this year.

The WTI barrel has already recorded five consecutive sessions of losses, with a depreciation of more than 5%.

Since the beginning of the year, WTI has increased its price by more than 8%, surpassing the psychological barrier of $75, previously regarded as the closest resistance.

During the final part of Q4 2024, WTI has remained within the $70 per barrel zone, fiercely resisting movements below this critical support.