WTI Crude Oil Extends Losses Ahead of Fed Minutes

WTI Crude Oil prices have continued their downward trend, slipping below key support levels at $92.00 and $90.00. The bearish momentum has intensified, with a trend line forming resistance at $92.50 on the 4-hour chart of XTI/USD. This decline has placed the oil price in a short-term bearish zone, raising concerns about further losses.

Technical analysis suggests that if the downward pressure persists, WTI Crude could test support levels at $86.50 and potentially $85.00. A close below $85.00 might trigger a deeper decline toward $80.00. On the upside, resistance is noted at $91.20, with significant hurdles at $92.50 and $93.00, where the 200 simple moving average lies. A break above $97.00 could signal a reversal, targeting $100.00 and beyond.

Meanwhile, gold prices are also under pressure but may find support as investors await the release of the Federal Reserve minutes. The economic calendar for the day includes key data releases such as the FOMC Minutes and various EIA inventory reports, which could influence market sentiment.

The USD/JPY pair is another focus, with potential for a fresh increase if it manages to settle above 159.00. Traders are closely watching these developments ahead of the Fed minutes, which could provide further clarity on the direction of oil prices and other commodities.