WTI Price Prediction: Oil Remains Bullish as Support Holds Above $63.45

WTI Price Prediction: Oil Remains Bullish as Support Holds Above $63.45

Crude Oil Holds Steady Despite Market Caution

West Texas Intermediate (WTI) crude Oil shows signs of bullish resilience on Wednesday, hovering above $63.45 despite a modest pullback in prices. Investors remain cautious as vague details from the latest US-China trade deal leave the market unconvinced about its broader impact.

Skepticism Around Trade Agreement Caps Gains

US-China negotiations concluded late Tuesday, with both parties reportedly reaching an agreement on easing rare earth restrictions, building on the Geneva Summit framework. However, the lack of detailed provisions or timelines has led to market skepticism, muting the initial optimism and causing Oil prices to retreat slightly from recent highs.

Technical Outlook: Bullish Bias Remains Intact

From a technical standpoint, WTI continues to trade above key support at $63.45, maintaining its upward trajectory. The $63.45 level now acts as a critical floor, and any decline below it may signal the end of short-term bullish control. Until then, dips are likely to be bought, particularly amid favorable global risk sentiment.

What’s Next for WTI?

If Oil sustains momentum above current levels, the next upside targets could be:

• $64.10 – Intraday resistance
• $65.00 – Psychological level and round-number resistance

Should prices drop below $63.45, a retest of $62.80 or even $62.00 is possible in the short term, especially if risk sentiment sours further.

Internal Links Suggestions for Tredu.com:

• Oil Market Forecast: Weekly Energy Outlook
• Impact of US-China Trade Tensions on Commodities
• Top Support and Resistance Levels in Crude Oil
• Geneva Summit: What It Means for Global Trade