WTI remains under pressure after pulling back from June highs, but on the provided hourly chart, price is trying to stabilize near $71.87. News background remains mixed: on one hand, market is pricing in lower geopolitical premium due to possible US-Iran talks in Doha; on the other hand, risks around supplies through Strait of Hormuz have not fully disappeared.
Geopolitics and demand
Oil fell sharply after traders began reducing risk premium, expecting further diplomatic contact between Washington and Tehran. Earlier, WTI dropped toward $70 area, while Brent held near $72-$73. As long as physical flows through key routes are not critically disrupted, market is reacting more to potential supply normalization than to tension itself.
US inventories
According to latest EIA report for week ended June 19, US commercial crude inventories fell by 6.1 million barrels to 412.1 million barrels, around 7% below five-year average. This is positive signal for WTI, but increase in gasoline and distillate stocks softened impact of crude draw. Market also continues to factor in high US production near 13.8 million barrels per day.
Technical picture on chart
Hourly chart still shows downward structure: price remains below long moving average and is trying to hold above 71.50-72.00 zone. Nearest resistance is located around 72.50-73.00, followed by important 74.50-75.00 zone. Support is near 70.80-70.00, and break below it could open way toward 68.50-67.50. Until price returns above 73.00, recovery looks more like correction.
Conclusion
Base-case scenario remains cautiously negative: WTI may hold within 70.00-73.00 range while market evaluates US-Iran talks, new EIA data, and US demand outlook. A break above 73.00 would improve short-term picture and reopen chance of move toward 75.00, but slide below 70.00 would confirm continuation of downtrend, as I warned in article WTI steadies near $70 as Iran risk premium fades.
Latest WTI News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
