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- WTI eases after rallying nearly 4% the previous day as markets reassess US oversight of Venezuelan Oil.
- US President Donald Trump signals potential $100 billion investment in Venezuela’s Oil sector, reviving oversupply concerns.
- Technically, near-term momentum improves, but the longer-term trend remains fragile.
West Texas Intermediate (WTI) trades with a negative bias on Friday after posting solid gains the previous day, as traders continue to assess the implications of increased US oversight of Venezuelan Oil following recent military action in Caracas. At the time of writing, WTI trades around $58.00, easing after climbing nearly 4% on Thursday.
US involvement could eventually unlock Venezuela’s vast Oil reserves and add to an already oversupplied market. US President Donald Trump is set to meet with Oil executives at the White House later on Friday. Trump wrote on Truth Social that “at least $100 billion” could be invested by major US Oil firms in rebuilding Venezuelan Oil infrastructure.
From a technical perspective, WTI’s near-term outlook steadies as the daily chart shows price reclaiming the 21-day Simple Moving Average (SMA), while the Relative Strength Index (RSI) has climbed back above the 50 threshold, signalling improving short-term momentum. However, the broader structure remains bearish, with longer-term moving averages still capping upside attempts.
The 50-day SMA near $58.34 is acting as immediate resistance. A decisive daily close above this area could open the door toward the 100-day SMA near $60.13, although sellers are likely to re-emerge given repeated rejections from the $60.00 psychological level.
On the downside, the rising 21-day SMA around $57.24 provides initial support, followed by the $56.00 zone, where buying interest has emerged.
The Moving Average Convergence Divergence (MACD) line holds above the signal line near the zero mark, with the histogram widening in positive territory, pointing to strengthening bullish momentum. Meanwhile, the Average Directional Index (ADX) hovering near 20 suggests the broader trend remains weak, highlighting the risk of continued choppy price action.
