WTIUSD

WTI oil prices are trading sideways with a weak start due to retail sales in China falling short of expectations and the anticipated surplus supply for next year. Besides the weak economic data from China, the Fed's monetary policy statement, which is expected to be announced tomorrow, emerges as a significant development that could affect the markets. The ongoing decline in Asian indexes and the intraday course of U.S. and European stock exchanges are also being monitored. Global economic uncertainties and the cautious outlook in the markets are putting pressure on oil prices.

From a technical analysis perspective, WTI prices could exhibit an upward outlook as long as they remain above the 69.50 – 70.00 support zone. In this case, in a potential rise, the 70.50 and 71.00 resistance levels could be targeted. However, if the prices fall below the 69.50 level, the 69.00 and 68.50 support levels may come into focus. The chart shows the price at the 70.275 level, and considering the 0.36% increase during the day, the RSI indicator presents a neutral outlook. In this situation, price movements are expected to continue to hover near critical support and resistance levels.