WTIUSD

WTI oil prices continue to decline despite OPEC+'s decision to defer production increase due to market concerns about a future supply surplus. The course of European and US stock markets could influence oil prices. Positive expectations regarding the Chinese economy and employment data from the United States could be decisive for the market's direction. Weak employment data and inflationary pressures in the US might lead the Fed to reconsider its policy stance.

Technically, WTI prices continue to hover below the resistance levels of 68.50 – 69.00. Possible pullbacks during the day could see the support levels of 68.00 and 67.50. The RSI indicator is at the level of 42, displaying a negative outlook. The price has decreased by 0.09% compared to the previous day. For further rises, hourly closings above the 69.00 level are necessary. In this case, the levels of 69.50 and 70.00 could come into play as resistance.