WTI bulls looking to step up to the plate at key support

WTI bulls are lurking in the depths of the support block.
Bears will need to clear a 50% mean reversion area.

Ross J Burland FXStreet

Oil prices had climbed to multi-week peaks of late as more countries across the globe opened their borders to travellers, improving the demand outlook for petrol and jet fuel. However, WTI is trading at $64.97 and down some 0.4% at the time of writing, giving back gains made in prior sessions and extending the overnight business to the downside. WTI was ending the day down some 1.25% following a drop from the highs of $66.73 to a low of $64.95.

Also, US oil futures on Wednesday slipped and crude for June delivery lost 6 cents, or nearly 0.1%, to settle at $65.63 a barrel on the New York Mercantile Exchange. Prices traded as high as $66.76, the highest front-month intraday level since March.

Overall, improved vaccine rollouts in the US and easing restrictions on travel have also contributed to optimism over European fuel demand.

India’s hospitals remain overwhelmed by cases, exacerbated by a dearth of public health resources, including oxygen.

Overnight, the US data was showing the biggest weekly drop in domestic crude supplies since January.

The EIA reported a weekly 8 million-barrel drop in US crude supplies.

WTI price analysis

Bears are all over the prior resistance on the 4-hour time frame in an otherwise bullish environment.

The correction from the highs on the daily chart may still dominate for the day ahead until demand drives WTI fresh highs in a new bullish impulse from the support block in the dominant bullish trend.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

AUD/USD: The 0.7000 level holds the downside…for now

AUD/USD has clinched its fourth consecutive daily pullback on Thursday, coming closer to the key 0.7000 region while breaking below the critical 200-day SMA at the same time. The Aussie’s decline comes on the back of further gains in the Greenback in a context of rising yields and Fed rate hike bets.

USD/JPY keeps the red near 158.00 as Japanese Yen firms up

USD/JPY retreats from three-week highs and holds losses near 158.00 in the Asian session on Thursday. Surging Japanese bond yields lift the Yen amid looming intervention risks, while the US Dollar preserves overnight gains to a two-month high amid hawkish Fed bets and elevated US bond yields.

Gold bounces off lows, still below $4,300

Gold builds on Wednesday’s retracement, briefly slipping back below $4,250 per troy ounce to attempt a lacklustre rebound afterwards. The better tone in the US Dollar, rising US Treasury yields and expectation of extra rate hikes by the Fed continue to weigh on the precious metal in the latter part of Thursday’s NA session.

XRP is flashing three bullish signals heading into a historically weak October

XRP (XRP) is still flashing 3 bullish signals across its holders, derivatives, and ETF data. These signals come as the token gave back part of its September gains on Thursday. The token traded near $1.50 at press time, down about 6.3% over 24 hours, according to BeInCrypto Markets data. The pullback still leaves XRP up over 15.6% on the week, a gain that tracks a broader market rally.

Advanced economies: From one example of resilience to another

History tends to repeat itself in advanced economies. Once again, growth ultimately fell short of expectations by only a small margin in the first half of 2026, despite the conflict in Iran. As early as 2025, the impact of tariffs was less severe than feared.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.