Could Russia cut production more than expected? Oil prices rose against market trends under supply-side pressure, with a 10-year US Treasury bond yield approaching 4% and the US dollar breaking through 105. Could the Federal Reserve raise interest rates to 6.5%? The WTI crude oil market is facing a critical decision!
On the daily chart, WTI crude oil has remained under pressure since failing to break above the $80 level, with a continuous decline and a limited range between $73.0 and $83.0. There is a possibility of further downside testing the support level below the key $70 mark.
In the short term, WTI crude oil has not yet completely shaken off its bearish trend. If the price falls below $73.0, there is a risk of further testing the previous low of $70.0.
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