WTI oil – consolidation / limited correction to precede fresh push lower

WTI oil price bounces on Tuesday following repeated downside rejection at key support at $65.26 (Sep 10 low), but recovery is likely to be limited, as larger picture is bearish and fundamentals predominantly negative.

Oil sentiment is firmly negative on growing concerns about the impact of tariffs on global economy, fears that the US economy is heading into recession and plans of OPEC + group to increase production in April.

Situation on daily chart points to firm bearish setup of technical studies, with triple recovery stall falling under 10DMA (daily candles with long upper shadows) contributing to negative scenario.

Near term action, however, may hold in prolonged consolidation above $65.26 support, which should be ideally capped by falling 10DMA ($67.75), but extended upticks (cannot be ruled out) to stay capped under psychological $70 barrier and mark healthy correction before larger bears regain full control.

Markets focus on releases of crude inventories reports (API and EIA) for fresh signals.

Res: 67.75; 68.20; 68.50; 69.44
Sup: 65.26; 65.00; 64.34; 63.63