WTI prices tread water around $63.00 on easing supply concerns

💡 DMK Insight

WTI Oil’s current price at $63.30 signals a struggle to break out of its recent range, and here’s why that matters: Traders should be paying close attention to the $66.25 resistance level from late January. The inability to push past this mark indicates a lack of bullish momentum, which could lead to further consolidation or even a pullback if selling pressure increases. With the market still digesting economic data and geopolitical tensions, the oil price could be influenced by external factors such as OPEC+ decisions or shifts in US inventory levels. If WTI fails to reclaim the $66.25 level soon, it might trigger stop-loss orders and exacerbate downward movement. On the flip side, if WTI manages to break above $66.25, it could attract momentum traders looking for a rally, potentially pushing prices higher. Keep an eye on the daily chart for any signs of reversal patterns or volume spikes that could indicate a shift in sentiment. Watch for inventory reports later this week, as they could provide the catalyst needed for a breakout or further downside.