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WTI stays near $89 after sliding for a second straight day
WTI is hovering close to a four-week low, with losses capped as the G7 plans to release 100 million barrels from emergency reserves.
West Texas Intermediate crude attracted sellers for a second straight day and held near $89.00 during the early European session, leaving the benchmark close to its four-week low, FXStreet reported.
The decline comes as easing supply concerns reduce support, but geopolitical tensions are limiting losses. The G7 agreed on Friday to release 100 million barrels of crude and fuel products from emergency reserves, while Middle Eastern crude exports rose above pre-war levels on multiple days in late September.
At the same time, flows through the Strait of Hormuz remain in focus amid the US-Iran standoff, and the Russia-Ukraine war continues, which FXStreet said could keep traders from pressing crude lower.
On the charts, FXStreet noted that WTI would need to show acceptance below the 38.2% Fibonacci retracement of the July to September upturn to support further losses toward the sub-$88.00 area, while declines may draw buyers near the $85.00 to $84.50 support zone.
Latest closeWTI crude $91.26 ▼1.7%