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WTI hovers near three-week high below $85 as oil war risk persists
WTI has stayed positive for a fourth straight day, but is capped by resistance around $86.09, with support near $82.38 and below that further floors cited at $76.60 and $67.25.
West Texas Intermediate crude rose to a nearly three-week high during the Asian session on Wednesday, extending a positive streak for a fourth straight day, but it struggled to gain traction above $85.00, according to FXStreet.
The report linked crude’s near-term outlook to geopolitical uncertainty tied to the US-Iran standoff, including the US position on the Strait of Hormuz and Iran’s stance that the waterway would remain closed until US conditions under a June memorandum are met.
Technically, WTI was described as holding a near-term bullish bias above the 38.2% Fibonacci retracement level from the July to August slide, with RSI at 56.9 and MACD at 0.47 pointing to mildly constructive momentum.
FXStreet said upside may be limited while price remains capped below the 100-day simple moving average resistance at $86.09 and the 50.0% retracement at $87.06, with further upside levels flagged at the 61.8% Fibo mark near $91.73. On the downside, it cited initial support at $82.38, followed by deeper structural floors at $76.60 and $67.25.
Latest closeWTI crude $82.40 ▲1.4%