However, short-term gains remain limited due to weak underlying fundamentals. Concerns over global oversupply and sluggish demand continue to weigh on the market. Fitch Ratings recently lowered its 2025–2027 oil price outlook, citing expectations that production growth will outpace consumption. While geopolitical risks may provide temporary support, the broader downtrend is likely to persist unless there is a meaningful recovery in demand.
WTI Oil Daily Chart – Consolidation at Long-Term Support
The daily chart for WTI crude oil indicates that the price is consolidating within a long-term support zone, spanning the $55 to $60 region. However, the strong rejection at the 50-day and 200-day SMAs suggests that oil prices remain under bearish pressure.
As long as the price stays below the $60 level, the possibility of a further decline toward the $55 area remains high. On the other hand, a decisive break above the $65–$68 zone would increase the likelihood of a strong move toward the $70 region. The RSI is also fluctuating below the mid-level, which further reinforces the negative pressure on oil prices.
