West Texas Intermediate (WTI) crude extends its losses and trades near $59.25 during Tuesday’s Asian session, pressured by renewed US Dollar (USD) strength. Traders now look ahead to the latest API crude oil stockpile data, due later in the day, for near-term cues.
Geopolitical risks and OPEC’s decision to maintain output levels through Q1 2026 may offer some downside protection. Ukrainian attacks on Russian energy infrastructure have disrupted activity in Novorossiysk, while OPEC+’s early November pause reflects concern over a potential supply glut.
Technical overview remains bearish
WTI trades around $59.29 on the daily chart, holding below the falling 100-day EMA at $61.55 and preserving a broader bearish structure. The price is stabilizing near the 20-day average at $59.24 – the Bollinger mid-line – suggesting a temporary pause in momentum.
Bollinger Bands have tightened, with the upper band at $60.80 and the lower band at $57.69, indicating reduced volatility. The 14-day RSI sits at 49.10, reflecting neutral momentum and limited directional bias.
Key levels to watch
Near-term trade remains range-bound, with resistance at $60.80–$61.55 and support at $59.24–$57.69. Staying above the mid-line would extend consolidation and keep buyers engaged, while a close below it could trigger a move toward the lower Bollinger band.
A sustained RSI break above 50 would support a test of resistance, whereas fading momentum would increase downside risk. With volatility compressed, a breakout from the narrowing bands is likely to determine the next significant directional move.
