Crude Oil Prices Decline: WTI and Brent Turn Bearish as European Markets Open

Oil Market Update: WTI and Brent Fall as European Trading Kicks Off

Crude oil prices are in retreat early Thursday as West Texas Intermediate (WTI) begins the European session in bearish territory. WTI is currently quoted at $66.53 per barrel, down from Wednesday’s close of $67.20.

Similarly, Brent crude oil, the international benchmark, has also dipped to $68.75, falling from $69.47 during the previous session.

Weak Momentum Ahead of Key Market Events

The price drop reflects investor caution amid global economic concerns, weaker demand outlook, and geopolitical instability in the Middle East. Traders are also watching for updates on US crude inventories and further commentary from OPEC+ regarding future production strategies.

Technical Overview

• WTI Key Support: $66.00
• Brent Immediate Resistance: $69.00
• Trend Bias: Bearish in short term unless macro data surprises positively

Related on Tredu:

• WTI Oil Technical Forecast
• Geopolitical Risks and Oil Prices
• Brent vs. WTI: What Drives the Spread?