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WTI Oil Prices Forecast: Buyers Eye Break Above $68.97 Pivot
WTI futures closed at $68.28 per barrel, up 0.31% on the day and 1.64% for the week. Price action ended just below the critical pivot resistance at $68.97, a level traders are closely watching. A clean break above this threshold could accelerate upside momentum toward the 200-day moving average at $70.10 and further to the 50-day moving average at $71.10. While technical resistance is expected on the first test, the current upside bias suggests momentum is building for a potential breakout.
To the downside, initial support is seen at $66.83. A failure there would expose the minor low at $66.09 and the more significant bottom at $65.01. Although the trend remains technically bearish, a sustained move above the 50-day moving average at $71.10 would mark a critical shift in market sentiment.
Iran Sanctions Tighten Global Supply Outlook
Fresh U.S. sanctions targeting Iranian crude exports added bullish pressure. Notably, the sanctions included for the first time an independent Chinese refiner, increasing the likelihood of enforcement. Analysts at ANZ Bank project Iranian exports could drop by up to 1 million barrels per day (bpd) due to these tighter restrictions. Kpler estimated Iran’s February exports at over 1.8 million bpd, though caution
