Key Points:
WTI crude closed at $69.32, with an intraday range of $69.14–$69.42 and resistance at $69.72.
West Texas Intermediate (WTI) crude futures stabilised at $69.32 per barrel on Wednesday after fluctuating within an intraday range of $69.14 to $69.42, as shown in the attached chart.
Prices remain range-bound, with resistance forming near $69.72. The market reflects a balance between concerns over rising tensions between Russia and Ukraine and bearish U.S. inventory data.
Picture: Crude oil consolidates near $69.30 as traders assess OPEC+ policies and global demand signals, as seen on the VT Markets app.
The chart shows consolidation around the $69.00–$69.50 range, with the 5, 10, and 30 moving averages converging just above $69.00, indicating a neutral short-term trend.
Resistance is visible at $69.72, while the MACD suggests low momentum, consistent with steady price action.
Tensions in the Ukraine war continue to support oil prices. Ukraine’s use of U.S. ATACMS missiles and Russian President Vladimir Putin’s escalated rhetoric have heightened fears of supply disruptions from Russia, a key oil producer.
See also: Wheat Eases as Black Sea Tensions Persist
Analysts suggest these risks are helping to keep a floor under Brent and WTI crude prices.
U.S. crude oil inventories rose by 4.75 million barrels last week, far exceeding the anticipated 100,000-barrel build, according to American Petroleum Institute (API) data.
Gasoline and distillate inventories declined, with gasoline stocks falling by 2.48 million barrels, which partially offset the bearish impact of rising crude inventories.
Official government data, due later today, will provide further clarity on inventory trends.
Data from Kpler indicates that China, the world’s largest crude importer, is on track to reach near-record import levels in November. This recovery follows months of weak imports that weighed on prices earlier this year, providing fresh optimism for demand growth.
WTI crude is likely to remain range-bound in the short term, with traders closely monitoring geopolitical developments, U.S. inventory data, and Chinese crude import trends.
A breakout above $69.72 could signal renewed upside momentum, while a break below $69.00 may trigger additional selling pressure.
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