WTIUSD

WTI crude oil prices began the week with a decline due to faster-than-expected cooling of inflation in China and Beijing's unsatisfactory stimulus measures. These developments raise concerns about a potential weakening of the Chinese economy, negatively impacting oil demand. Additionally, the rise in the US dollar index and the increase in US 10-year Treasury yields are putting pressure on oil prices. This week, US inflation data and speeches by Fed Chair Powell could be decisive in determining market direction.

From a technical perspective, WTI prices are trading below the resistance levels of 70.00 – 70.50, and as long as they remain below these levels, the downward trend may continue. In downward movements, support levels of 69.50, followed by 69.00 and 68.50, can be monitored. In potential upward recoveries, a sustained move above the 70.00 – 70.50 resistance region could target resistance levels of 71.00 and 71.50. On the daily chart, the RSI indicator is at 40, displaying a negative outlook. WTI prices have decreased by 0.71% compared to the previous day.