Oil prices post largest daily decline since mid-April as easing tensions trigger broad sell-off in energy markets.
West Texas Intermediate crude futures settled at $82.61, down $6.70 or 7.5%, marking the steepest one-day drop since April 17. The decline followed a reduction in geopolitical risks, prompting heavy selling across the energy sector.
The move broke key technical levels, including the 100-hour moving average at $87.42, the 200-hour moving average at $84.08, and the 38.2% retracement of the July rally at $83.42. Analysts noted the breach shifts near-term momentum toward sellers, with the 200-hour average now acting as resistance.
Immediate support lies at the 50% retracement level of $80.30, with further downside potential toward $77.93-$79.18 if broken. The session’s losses reflect a sharp reversal from recent gains amid shifting market sentiment.