WTI traded lower for a second session in Asia, slipping under the $100.00 level while remaining close to last Friday’s five-month high. Hopes of diplomacy reducing disruption risks have eased near-term supply worries, yet the market continues to price a geopolitical risk premium as attacks on Saudi Arabia persist, alongside stalled US-Iran talks and reports of Hezbollah preparing for a possible renewed confrontation with Israel.
Technical Overview
Technically, the contract retains a bullish near-term bias above the 100-period Simple Moving Average (SMA) on the four-hour chart and key Fibonacci retracement supports between $86.58 and $99.42. Momentum has cooled: the Relative Strength Index (RSI) is at 50.69, and the Moving Average Convergence Divergence (MACD) has moved into negative territory, pointing to consolidation. Support levels include $99.42, then $96.97 and $94.98, clustered near the 100-period SMA at $94.74, with further downside markers at $93.00, $90.18 and $86.58. Resistance is seen at $103.39.
