Oil prices retreat as WTI struggles to break above the $80.00 resistance level, marked by the 50-day EMA.
West Texas Intermediate crude oil fell nearly 1% to just under $79.00 after failing for the third consecutive session to breach the $80.00 threshold. The 50-day Exponential Moving Average remains just above $80.00, acting as a technical ceiling.
Prior attempts to clear $80.00 in recent weeks have similarly stalled, with prices consolidating in a tight range. The $80.00 level has served as a key resistance point amid mixed signals on global demand and supply dynamics.
Market reaction has been muted, with traders awaiting further cues on OPEC+ production decisions and macroeconomic data.