WTI crude traded near $60 per barrel on Wednesday, stabilizing after a three-day decline as geopolitical tensions balanced oversupply concerns. Market sentiment improved following reports of a 4-million-barrel draw in U.S. crude inventories, even as reserves at Cushing, Oklahoma rose.
Persistent global surplus worries kept oil on track for a third monthly loss, with OPEC+ reportedly considering an output hike. Meanwhile, India’s refiners continue evaluating Russian crude purchases amid shifting trade routes.
WTI crude oil is trading near $60.23, holding steady after rebounding from $55.97 support earlier this month. The price is consolidating above the 50-EMA at $60.12, while facing resistance near the descending trendline around $62.54.
The RSI has eased to 47, suggesting neutral momentum after an overbought phase. A sustained move above $60.30 could open the door toward $62.50, while failure to hold above $59.25—the 50% Fibonacci retracement—may trigger a decline toward $58.40.
The 200-EMA at $61.08 remains a key dynamic resistance level; a breakout above it would confirm a bullish reversal. For now, oil is range-bound, with traders awaiting a clear direction before the next move into November’s trading cycle.
