WTI oil prices inched higher on Friday as bearish momentum took a pause following this week’s sharp decline.

Fresh upside movement was driven by new U.S. sanctions on Iran’s crude exports, partially offsetting the downward pressure from escalating concerns over the U.S.-China trade war and its potential impact on the global economy.

The recovery was supported by the rising thin daily cloud, though gains remained limited by the breached 100-day moving average (DMA) at $71.36.

The technical outlook on the daily chart remains firmly bearish, suggesting that any rebound may serve as a selling opportunity rather than signaling a significant trend reversal.

WTI is on track for its third consecutive strong weekly loss, further weighing on the near-term outlook.

A weekly close below the broken Fibonacci support at $71.71 (61.8% retracement of the $66.98–$79.35 rally) would reinforce bearish momentum, paving the way for a test of key support levels near the $70 zone (psychological level / 76.4% Fibonacci retracement), followed by $68.44 (Dec 20 low) and $66.98 (Dec 6 low).

Above the 100DMA, resistance levels include $71.93 (55DMA) and $72.53 (falling 10DMA).

Resistance Levels: 73.16; 73.63; 74.29; 74.52
Support Levels: 72.01; 71.71; 71.18; 70.00