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WTI crude falls sharply, settling at $82.61 after support breaks
WTI dropped below its 100-hour and 200-hour moving averages, with the 200-hour level at $84.08 now the key reference point.
WTI crude oil futures settled at $82.61, down $6.70, or 7.5%, on the day, marking the largest one-day decline since April 17 when prices tumbled 9.9%, according to Forexlive.
The selloff followed easing geopolitical tensions, which triggered heavy selling across the energy market, and the bearish technical picture strengthened as WTI broke below multiple support levels.
Forexlive said WTI fell beneath its 100-hour moving average at $87.42, its 200-hour moving average at $84.08, and the 38.2% retracement of the July rally at $83.42, shifting the near-term bias toward sellers.
Looking ahead, Forexlive flagged the 200-hour moving average at $84.08 as the key level to watch, while the next technical targets include the 50% retracement at $80.30 and the subsequent support zone between $77.93 and $79.18 if prices continue lower.
Latest closeWTI crude $90.47 ▼1.9%