WTI crude settles near key technical levels as geopolitical risks fail to lift prices, marking the lowest close since April 21.
West Texas Intermediate crude futures fell $3.10 to settle at $88.20, erasing gains despite overnight geopolitical tensions after an Apache helicopter was downed. The session saw a wide range, with a low of $85.95 and a high of $91.55, dipping below the 50% retracement level of $87.34 but halting just above the 100-day moving average at $85.66.
The last breach of the 100-day moving average occurred on January 23, when prices hovered near $60.24. Analysts note that a sustained move below this level could shift market bias further downward, though the current close remains above it by $0.29.
Markets largely shrugged off the overnight headlines, which historically might have spurred a rally. Instead, crude traded at its lowest level since April 21, signaling a potential shift in sentiment.