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WTI Price Forecast: Advances above mid-$98.00s as bullish setup backs additional gains
- WTI regains positive traction following good two-way price swings over the past two days.
- Persistent geopolitical uncertainties act as a tailwind for the commodity and favor bulls.
- The constructive technical setup also backs the case for additional gains towards $100.00.
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – attracts fresh buyers on Thursday, climbing to the $98.70 zone during the Asian session. The commodity remains within striking distance of its highest level since September 15, touched earlier this week, amid
Concerns about a further escalation of tensions in the Middle East continue to fuel worries over potential energy supply disruptions and turn out to be a key factor acting as a tailwind for the black liquid. In the latest developments, two expatriates were killed and two others injured in a drone attack on Saudi Aramco’s Shaybah oil field in the Eastern Province.
Meanwhile, The New York Times reported that the US and Israel have drawn up plans for a short but intense military campaign against Iran after the US midterm elections. Separately, Iranian Foreign Minister Abbas Araghchi emphasised the country’s readiness to defend itself, while stating that Tehran is ready to give diplomacy with the US another chance.
From a technical perspective, crude oil prices hold well above the 100-day Simple Moving Average (SMA) on the 4-hour chart. Adding to this, Tuesday’s bounce from a resistance breakpoint, now turned support near the $95.00 mark, suggests that the short-term uptrend remains intact despite the recent volatility led by mixed signals over US-Iran peace talks.
Meanwhile, the Relative Strength Index (RSI) around 57 keeps a neutral-to-positive tone, while the Moving Average Convergence Divergence (MACD) indicator remains in negative territory, hinting that upside momentum is moderate rather than impulsive. Nevertheless, the broader constructive setup suggests that any corrective slide could find support at $95.00.
The structural floor is located at the 100-period SMA, around $92.76, where buyers would be expected to reassert control on a deeper pullback within the prevailing bullish context. That said, a break below this pivotal support would weaken the bullish structure, whereas holding above it keeps the path open for another attempt toward the recent psychological $100 region and beyond.
WTI 4-hour chart
