WTI extends declines as strong US Dollar and weak demand overshadow Fed rate cut
The post WTI extends declines as strong US Dollar and weak demand overshadow Fed rate cut appeared on BitcoinEthereumNews.com. WTI extends losing streak for the third day, set to close the week in negative territory. A firmer US Dollar and weak US fuel demand weigh on prices despite the Fed rate cut. WTI trades in a tight range between $64.30 resistance and $61.50 support, with RSI near 45 signaling weak momentum. West Texas Intermediate (WTI) Crude Oil remains under pressure on Friday, extending its losing streak for the third straight day. The US benchmark has surrendered all the gains it notched earlier in the week and is now poised to end the week in negative territory. At the time of writing, WTI is trading near $62.35 per barrel, down almost 1.30% on the day and pulling back from the two-week highs reached on Tuesday. The retreat reflects a firmer US Dollar (USD) and persistent demand concerns, as investors weigh the impact of slowing fuel consumption in the United States (US). On the geopolitical front, the European Union (EU) proposed its 19th package of sanctions against Russia, including a plan to ban imports of Russian liquefied natural gas (LNG) from January 2027 and expand restrictions on Moscow’s so-called shadow fleet of tankers. The Federal Reserve’s decision to cut interest rates by 25 basis points earlier this week has so far failed to provide meaningful support for crude. Lower borrowing costs typically boost demand for Oil and push prices higher, but the move was largely priced in, and concerns surrounding oversupply and weakening demand have overshadowed the Fed’s easing. From a technical perspective, WTI is trading in a narrowing range, with price action largely squeezed between the 100-day simple moving average (SMA) at $64.30 and horizontal support at $61.50, a level that has held firm since early August. Repeated rejections from the 100-day SMA underline its role as a strong resistance…
The post WTI extends declines as strong US Dollar and weak demand overshadow Fed rate cut appeared on BitcoinEthereumNews.com.
WTI extends losing streak for the third day, set to close the week in negative territory. A firmer US Dollar and weak US fuel demand weigh on prices despite the Fed rate cut. WTI trades in a tight range between $64.30 resistance and $61.50 support, with RSI near 45 signaling weak momentum. West Texas Intermediate (WTI) Crude Oil remains under pressure on Friday, extending its losing streak for the third straight day. The US benchmark has surrendered all the gains it notched earlier in the week and is now poised to end the week in negative territory. At the time of writing, WTI is trading near $62.35 per barrel, down almost 1.30% on the day and pulling back from the two-week highs reached on Tuesday. The retreat reflects a firmer US Dollar (USD) and persistent demand concerns, as investors weigh the impact of slowing fuel consumption in the United States (US). On the geopolitical front, the European Union (EU) proposed its 19th package of sanctions against Russia, including a plan to ban imports of Russian liquefied natural gas (LNG) from January 2027 and expand restrictions on Moscow’s so-called shadow fleet of tankers. The Federal Reserve’s decision to cut interest rates by 25 basis points earlier this week has so far failed to provide meaningful support for crude. Lower borrowing costs typically boost demand for Oil and push prices higher, but the move was largely priced in, and concerns surrounding oversupply and weakening demand have overshadowed the Fed’s easing. From a technical perspective, WTI is trading in a narrowing range, with price action largely squeezed between the 100-day simple moving average (SMA) at $64.30 and horizontal support at $61.50, a level that has held firm since early August. Repeated rejections from the 100-day SMA underline its role as a strong resistance…
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