WTI Oil – sellers reclaim control amid demand worries; focus turns to reaction at key $60 support level

WTI oil prices stayed in the red for the second consecutive session, pressured by renewed demand concerns after weak manufacturing data and OPEC+’s decision to pause production increases in early 2026, while the strong dollar added further weight to near-term sentiment.

The price dropped nearly 1.5% in early Tuesday trading, once again testing the key $60 support zone (psychological level / Fibo 38.2% retracement of the $55.96–$62.58 recovery), a level that has repeatedly held in recent sessions.

Daily indicators show no clear directional signal, with moving averages in a mixed setup—though the daily Tenkan and Kijun-sen have formed a bullish crossover—while fading momentum reflects the market’s indecision. The reaction around $60 remains pivotal for the near-term outlook.

A firm break below $60 would generate an initial signal that the corrective phase from the October 20 multi-month low at $55.96 may be nearing completion, shifting focus lower toward $59.27 and $58.49 (Fibo 50% and 61.8% retracements, respectively).

Alternatively, another rebound from $60 would reinforce the level’s importance as strong support and keep prices confined within the established range, with an initial bullish signal expected on a break above the range top at $61.48.

Res: 60.42; 61.00; 61.95; 62.58
Sup: 59.70; 59.27; 59.00; 58.49