WTI crude oil price steadies above $66 amid breakout push
West Texas Intermediate (WTI) crude futures climbed above $66.30 in early Friday trading, as easing global trade tensions and ongoing supply-side uncertainties provided a favorable setting for oil bulls. The move marks a recovery from the critical $64.90 support band, where price had previously rebounded multiple times since mid-May.
Highlights
- WTI crude oil rises to $66.32 as price stabilizes above key $64.90 support zone
- Breakout attempt from descending channel underway, with $67.20 as key resistance
- Momentum neutral as RSI hovers near 50 and price tests 20-day EMA near $66.96
The climb comes as traders monitor the potential breakout from a descending channel that has capped upside momentum since mid-June. Technically, the $63.50 to $65.00 range remains a strong accumulation zone. The recent bounce has lifted crude toward the $66.90–$67.20 resistance area, a region aligned with the mid-point of the prior downtrend.
WTI crude oil price forecast (Source: TradingView)
A clear daily close above $67.20 could accelerate upside to $70.50 and possibly retest the June swing high near $74.80, contingent on volume and broader market confirmation.
Indicators show mixed signals as breakout nears
Momentum remains cautious. The Relative Strength Index is neutral around 50, suggesting neither bullish nor bearish dominance. Price is currently situated between the 50-day EMA near $64.90 and the 20-day EMA near $66.96. A move above the 20 EMA with expanding volume could confirm the beginning of a new bullish cycle.
If this upside effort stalls again below $67.20, sellers may regain control, with downside levels near $64.20 and $61.80 likely to be revisited. On the contrary, continued formation of higher lows and pressure above the trendline would indicate strengthening buying interest.A breakout would also reflect broader confidence driven by macro factors, including easing concerns over trade bottlenecks, improving freight demand, and supply adjustments in North America and the Middle East. These shifts are reinforcing the view that near-term demand stability could support prices through August.
Earlier analysis highlighted the $64.90 zone as a make-or-break region for bulls. The current bounce aligns with that view, with buyers attempting to flip resistance into support. We previously cautioned that a close above $67.20 would be essential for validating trend reversal, and that remains the key trigger as bulls attempt to reclaim upside structure.
-
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
