WTI Crude Holds Near $68 as Sellers Dominate Market

Key Moments

WTI Extends Weekly Slide Despite Modest Intraday Rebound

West Texas Intermediate (WTI), the benchmark U.S. crude oil contract, drew renewed selling interest after a brief intraday rise toward the $69.25 region on Friday. That move followed a modest rebound from the lowest level reached since late February a day earlier. The contract was recently trading just above the mid-$68.00s, showing a gain of about 0.30% on the session, yet it has remained positioned to post a loss for the fourth week in a row.

Technical Picture: Bearish Bias Persists Below Key Averages

From a chart perspective, WTI continues to exhibit a negative short-term bias while it trades under the 200-day Simple Moving Average (SMA) and the 61.8% Fibonacci retracement of the December 2025-March 2026 upswing. This alignment keeps selling pressure in focus, even as shorter-term indicators flash oversold conditions.

The 14-period Relative Strength Index sits near 29, firmly in oversold territory, which highlights the possibility of a temporary corrective move higher. This dynamic suggests traders may need to exercise restraint before adding to short positions, given the risk of a near-term rebound.

At the same time, the Moving Average Convergence Divergence (MACD) indicator remains in negative territory, reinforcing the notion that downside momentum has not yet been neutralized. A clearer signal of renewed bearish extension would come from a decisive drop below the 78.6% Fibonacci retracement, located around $67.50. A sustained move under that level would support a slide toward a deeper support zone near the prior cycle low at $55.12.

Key Technical Levels: Supports and Resistance Zones

On the upside, any attempt to recover is expected to confront several notable resistance layers. The first barrier is the 200-day SMA near $73.19, which represents an important threshold for altering the current bearish tone. Above that, the 61.8% Fibonacci retracement around $77.23 forms the next significant cap.

Further overhead, price action would likely encounter additional resistance at the 50.0% retracement near $84.05. If buying were to extend beyond that zone, subsequent obstacles line up at the 38.2% retracement around $90.88 and the 23.6% retracement close to $99.33.