WTI Crude Oil Slumps Near $74.50 Amid Bearish Bias and Global Demand Concerns

West Texas Intermediate (WTI) crude oil prices continued their downward trend near $74.50 per barrel, maintaining a bearish bias as the commodity stays below its 100-day Simple Moving Average (SMA). This technical indicator has emerged as a critical resistance level for WTI, with prices consistently failing to reclaim it in recent sessions.

The 100-day SMA currently sits at approximately $76.20, providing a clear ceiling for any upside attempts. The sustained trading below this level reinforces the bearish sentiment, with immediate support seen near the $74.00 psychological mark and followed by the $72.50 region.

Momentum indicators such as the Relative Strength Index (RSI) are hovering in neutral territory, suggesting that the market is not yet oversold but lacks the buying pressure needed to reverse the current trend. The Moving Average Convergence Divergence (MACD) remains below its signal line, further confirming the bearish momentum.