WTI price forecast: WTI stagn below $ 63.00, press

• WTI crude oil backed on Wednesday, quoting about $ 62.05 after failing to stay above $ 63.00
• The US data shows that crude oil stocks fell, but gasoline and diesel reserves increased, generating concerns about demand.
• The technical range between $ 60 and $ 63 remains intact, with $ 65 acting as a key resistance level.

West Texas Intermediate (WTI) crude oil prices go back on Wednesday after two consecutive earnings. At the time of writing, the WTI remains above the exponential (EMA) mobile average of 21 days, falling almost 1.5% from the maximum intradic of $ 63.31, and about $ 62.41 is negotiated during the American session.

The setback follows new US inventory data that raised some red flags for the oil market. The Energy Information Administration (EIA) reported an increase in expected in gas and diesel reserves, which eclipsed a solid reduction of 4.3 million barrels in crude oil existers last week. That imbalance is feeding concerns about the weakness in the demand for fuel. In addition, Saudi Arabia has hinted at a possible impulse for a significant increase in production, while OPEC+ continues to gradually increase production, while global commercial tensions add another layer of uncertainty to demand perspectives.

From a technical point of view, the daily graph shows that the WTI remains confined within a well -defined range between $ 60.00 and $ 63.00, without bundles or bassists showing enough conviction to break decisively. The level of $ 63.00 continues to act as a short -term resistance, having limited multiple upward attempts since mid -May. Meanwhile, the support of about $ 60.00 has consistently attracted purchases in the falls, making it a critical area to monitor for any bearish rupture. The $ 65.00 mark, just above the range, acts as a structural barrier, a support level that has now become reinforced by the exponential mobile (EMA) average of 100 days at 65.08 $.

The 21 -day EMA, which is currently around $ 61,51, has flattened and now acts more as a neutral pivot than as a trend guide. Unless the WTI can close decisively above $ 65, the broader perspective remains neutral. A rupture above would open the door around $ 68 and $ 70, while a closure below $ 60 would trigger bass bets, exposing objectives down about $ 58 and $ 55, especially if accompanied by bass macroeconomic signs.

The impulse signals remain mixed, reinforcing the widest issue of indecision. The Relative Force Index (RSI) is around 52, keeping slightly above the neutral level of 50. While this suggests a mild bullish bias, it is not strong enough to indicate a change in trend alone. Meanwhile, the convergence/divergence of mobile socks (MACD) has recently shown a bullish crossing, with the MACD line barely above the signal line. However, both lines remain close to the zero axis, which reflects a lack of conviction and limited monitoring of any of the sides. Until impulse is generated, the WTI is likely to remain within the range.