West Texas Intermediate took a hit, dipping to about $59.25 in Tuesday’s Asia trading. With the US dollar gaining ground, crude feels the heat—pushing near-term views deeper into negative territory. Traders are waiting for the latest API Weekly Crude Oil Stockpile numbers, hoping for a hint on where the market’s headed next.
Geopolitics and OPEC+ Are Putting a Floor Under Oil
Sure, the overall mood for WTI is bearish, but there’s still a cushion underneath. Geopolitical tensions are doing their part—Ukrainian strikes on Russian energy facilities have added some supply-side risk, especially after shutting down operations in Novorossiysk.
On top of that, OPEC+ just decided to keep output steady through Q1 2026. They’re trying to stop a supply glut, especially as global demand growth loses momentum. This consistent flow—along with confusion around Russia and Ukraine—might stop WTI from crashing, for the time being anyway.
Technical Picture: Resistance at $60.80, Support at $59.24
Right now, WTI is around $59.29 – under the 100-day EMA of $61.55, so downward momentum still holds. It’s near the 20-day level at $59.24, matching the Bollinger mid-line almost perfectly; that could hint at a short pause from sellers.
Bollinger Bands are narrowing sharply—resistance sits near $60.80 while support lies around $57.69. Volatility is drying up. The 14-day RSI is neutral at 49.10, showing traders aren’t sure what comes next. If prices break above $60.80, we might see a pop toward the 100-day EMA. Drop below the midline, though, and the next stop could be the lower Bollinger band.
For now, expect WTI to stay stuck in a range between $60.80–$61.55 up top and $59.24–$57.69 below, unless a fresh dose of volatility shakes things up.
