Key Events This Week
• WTI drops to 62.60 ahead of major geopolitical and economic catalysts: Ukraine ceasefire, U.S.–China tariffs, OPEC report, and U.S. CPI
• Global tariff developments continue to shape sentiment and crude demand valuations, especially in relation to OPEC’s evolving supply strategy
WTI’s latest drop is currently holding at the 0.618 Fibonacci retracement of the May–June uptrend, and precisely at the neckline of the inverted head and shoulders pattern around the 62.60 level. The Fibonacci retracement was applied from the $55 low to the $77.80 close, filtering out breakout noise from the Iran–Israel escalation outside the borders of the 3-year down trending channel.
• If 62.60 breaks, downside risks may accelerate toward the mid-zone of the channel, with key levels in sight at 61.40, 59.40, and 55.20, respectively.
• If 62.60 holds, and WTI reclaims ground above 65, we could see a recovery toward the upper edge with next resistance levels at 68.00, 70.00, 71.40, and 72.70.
Written by Razan Hilal, CMT
• WTI drops to 62.60 ahead of major geopolitical and economic catalysts: Ukraine ceasefire, U.S.–China tariffs, OPEC report, and U.S. CPI
• Global tariff developments continue to shape sentiment and crude demand valuations, especially in relation to OPEC’s evolving supply strategy
WTI’s latest drop is currently holding at the 0.618 Fibonacci retracement of the May–June uptrend, and precisely at the neckline of the inverted head and shoulders pattern around the 62.60 level. The Fibonacci retracement was applied from the $55 low to the $77.80 close, filtering out breakout noise from the Iran–Israel escalation outside the borders of the 3-year down trending channel.
• If 62.60 breaks, downside risks may accelerate toward the mid-zone of the channel, with key levels in sight at 61.40, 59.40, and 55.20, respectively.
• If 62.60 holds, and WTI reclaims ground above 65, we could see a recovery toward the upper edge with next resistance levels at 68.00, 70.00, 71.40, and 72.70.
Written by Razan Hilal, CMT
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