WTI Crude Slips Below $78 Amid Bearish Inventory Data

WTI crude oil prices retreated towards $77 as buyers struggled to maintain momentum above $78.50-$79.00, according to tradersunion.com.

The one-hour chart still suggests a bearish medium-term structure for WTI, with the price remaining below its longer moving averages and failing to produce a confirmed reversal after rebounding from the $75 area.

U.S. crude inventories rose by about 2.5 million barrels in the week ended July 31, reversing part of last week's substantial 7.2 million-barrel draw, and adding to bearish sentiment.

OPEC+ is increasing nominal supply, but logistics remain a constraint, particularly at the Strait of Hormuz where negotiations between Iran and Oman have kept geopolitical risk elevated.