Crude oil stays under pressure as rising production and an unexpected build in inventories weigh on the market

WTI oil stays in negative territory for the third straight session, hovering near a two-week low on Friday, pressured by signals that OPEC+ may announce additional production increases at its meeting over the weekend, alongside an unexpected rise in US crude inventories.

Weaker demand with the end of the US summer driving season also adds to the softer near-term outlook.

The commodity is heading for a weekly loss after two consecutive weeks of gains and is once again testing key Fibo support at \$63.19 (61.8% of the \$61.44/\$66.01 leg). A decisive break here would confirm a fresh bearish signal and open the way for \$62.52 (Fibo 76.4%), with a potential retest of key support at \$61.44 (August 18 low).

Daily moving averages remain firmly aligned in a bearish setup, while the falling 14-day momentum is approaching the centerline, reinforcing the negative picture, though some headwinds may emerge as the stochastic enters oversold territory.

On the upside, the broken 20DMA / 50% retracement (\$63.50/73 respectively) should ideally cap rallies and maintain immediate bearish bias, with further resistance at \$64.38 (daily Tenkan-sen).

Res: 63.50; 63.73; 64.00; 64.48
Sup: 62.52; 61.82; 61.44; 60.71