Oil prices dropped on Thursday as investors watched US fuel demand near the end of the summer driving season. Brent crude oil (BCO) fell to $67, while WTI crude oil (CL) dropped to $63. This drop was developed after the price hit the intraday resistance area.
On the other hand, US crude inventories dropped by 2.4 million barrels last week, exceeding expectations. The drawdown reflected strong demand ahead of the Labour Day weekend.
WTI Oil Daily Chart – Consolidation
The daily chart for WTI crude oil shows prices consolidating below the resistance near $65. Prices have failed to break above this level and continue to edge lower, though the support of the ascending channel is holding. As long as the $65 resistance remains intact, prices may drift toward the $60 region. Overall, crude oil is consolidating within the $60–$65 range during the summer season.
WTI Oil 4-Hour Chart – Consolidation
The 4-hour chart for WTI crude shows the price consolidating below resistance at $65. The consolidation range remains between $60 and $70, and a breakout above or below these levels will trigger the next move in WTI crude oil.
