WTI crude oil prices are slightly lower in early European trade, down about 1.00% on the day to around $63.00. This pullback ends a four-day winning streak that had pushed prices to over a two-week high.
The decline so far lacks strong bearish momentum, suggesting traders may be taking profits or pausing ahead of key data.
Relevance for Trading:
Price dip appears corrective, not a reversal — no strong selling pressure yet.
Market focus now shifts to upcoming weekly US inventory data, which could drive the next move.
A bullish inventory report could help WTI resume its uptrend; a bearish one may deepen the pullback.
Trading Bias:
Cautiously bullish while holding above $62. Support and inventory reaction will be key for near-term direction.
Key Support and Resistance Levels
Resistance Level 1: 6420
Resistance Level 2: 6560
Resistance Level 3: 6670
Support Level 1: 6170
Support Level 2: 6050
Support Level 3: 5950
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.