WTI Crude Oil Price Dips to Near $90 Amid Profit-Taking
The price of West Texas Intermediate (WTI) crude oil dropped to nearly $90.05 in early European trading hours on Friday, following some profit-taking.
Despite this decline, the technical analysis suggests that the bullish structure remains intact, with the Relative Strength Index (14) at 69.5 hovering just under overbought territory.
The escalating conflicts in the Middle East have reignited fears of global energy supply disruptions, which could boost the WTI price in the near term.
Rabobank's energy strategists note that mounting geopolitical risks have driven the latest move higher across the energy complex, with Brent and WTI prices seeing a rally due to tensions between the US and Iran, as well as intensifying strikes between Ukraine and Russia.