WTI Crude – bearish pressure persists ahead of Ukraine peace negotiations

WTI oil prices slipped back into negative territory on Monday, after only brief support from U.S. threats directed at India to halt purchases of Russian crude.

The decline pushed prices closer to the lower boundary of the near-term consolidation range, now extending into its fourth straight day, with a floor at \$61.94 — the lowest level in two and a half months.

Overall sentiment stays bearish, pressured by a weakening economic outlook in advanced economies and China’s slower-than-expected growth, both weighing on global demand prospects.

From a technical perspective, the daily chart maintains a strong bearish structure. Downside pressure is reinforced by the recent 10/100DMA bear cross and growing negative momentum, confirming that the broader downtrend remains intact.

Sellers are eyeing key downside targets at \$60.71 (76.4% Fibonacci retracement of \$55.40–\$77.88) and the psychological \$60.00 level, which also marks the higher base from late May, where stronger support is expected.

Attention now turns to today’s meeting between President Trump and Ukraine’s president, along with separate talks with European leaders, in search of a peace resolution for Ukraine. A breakthrough could drag oil prices lower, though market optimism remains cautious.

On the upside, rebounds are likely to remain capped under the \$64.00–\$64.50 zone (broken 61.8% Fibonacci level / 100DMA), preserving the broader bearish bias.

Res: 63.62; 64.00; 64.50; 65.38
Sup: 61.94; 61.24; 60.71; 60.00