WTI Price Plunges Near $74.50 Amid Bearish Bias and Ongoing Demand Concerns

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

The 100-day SMA sits at approximately $76.20, providing a clear ceiling for any upside attempts. Technical 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.

On the demand side, concerns over slowing global economic growth and geopolitical events have weighed on oil consumption forecasts. Recent manufacturing data from China has shown contraction, raising fears of weaker energy demand. On the supply side, output levels from OPEC+ and U.S. shale production continue to impact the market.

A break below $74.00 could accelerate selling, while a recovery above the 100-day SMA would signal a potential trend reversal. Market participants should remain vigilant and consider both technical and fundamental factors when navigating the oil market.