WTI crude price steadies near $66 as inventory draw and trade hopes ease selling pressure
West Texas Intermediate (WTI) crude oil futures are trading near $65.79 as of Thursday afternoon, recovering from a recent four-session decline. The modest rebound comes amid signs of easing trade tensions between the U.S. and European Union, alongside stronger-than-expected inventory data from the Energy Information Administration.
Highlights
- WTI crude rebounds to $65.79 after a four-day slide, supported by bullish EIA inventory data
- U.S.–EU trade talks and China diplomacy lift risk sentiment, but technical barriers remain
- Price remains capped under $68 resistance with RSI at 46.81 and EMAs forming layered pressure
However, the broader price trend remains constrained below key resistance levels as traders await further clarity on global demand and macroeconomic developments. According to Wednesday’s EIA report, U.S. crude stockpiles fell by 3.2 million barrels, significantly more than the 2 million expected.
USOIL price dynamics (Source: TradingView)
Gasoline inventories also declined by 1.7 million barrels, while distillates posted a 2.9 million barrel build. The net draw from crude and gasoline is seen as a bullish signal, reflecting solid end-user consumption, even as distillates suggest some downstream caution.
Price range holds as market eyes next catalyst
Technically, WTI crude remains within a well-defined range between $63.50 and $68.00, unable to decisively break either boundary. The price has found interim support near the lower bound of this zone, but resistance looms from the tightly packed 20/50/100/200 EMAs, which stretch from $66.07 to $68.12. Momentum is muted, with RSI (14) hovering at 46.81 and still below the neutral line.
Traders are also closely watching trade developments. U.S.–EU negotiations are reportedly advancing toward a deal that would reduce tariff threats on European imports. Meanwhile, upcoming discussions between U.S. Treasury Secretary Scott Bessent and Chinese officials may influence global oil flows, especially if agreements emerge regarding China’s sourcing from sanctioned suppliers.
Outlook remains neutral until breakout above $68.50
For now, WTI crude remains trapped in a neutral-to-bearish technical structure, with only a break above $68.50 likely to trigger a broader trend reversal toward $72–$73. Downside risk persists if $63 fails to hold. Continued clarity on global trade, inventory trends, and Chinese demand will be key in determining the next leg for oil markets.
In our earlier outlooks, we highlighted the $63–$68 range as the key battleground for WTI crude prices. The current bounce off the lower edge follows the anticipated inventory-driven pivot, but broader direction will require resolution of trade-linked supply routes and a breach of EMA resistance.
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