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WTI edges higher but recovery lacks follow-through near $88.80
WTI was trading around $88.80, up more than 0.8% on the day, while traders weighed Middle East ceasefire hopes against capped upside from improving export flows.
West Texas Intermediate crude edged higher on Wednesday, reversing part of the prior day’s heavy losses to a more than three-week low, but still showed limited follow-through, according to FXStreet.
The benchmark traded around the $88.80 area, gaining just over 0.8% on the day as markets waited for further developments linked to the Middle East crisis.
FXStreet cited fading expectations for a diplomatic solution after US President Donald Trump declined a seven-day ceasefire proposal from Iran, along with limited progress in Qatari efforts to broker a breakthrough.
On the technical side, the article pointed to a bearish trigger from a breakdown below the 200-period EMA on the 4-hour chart, with price support seen near the 61.8% Fibonacci retracement level of the August-September upswing.
Latest closeWTI crude $93.42 ▲1.1%