WTI bounces as major trading houses plan to trim purchases of Russian crude. The price is slowly recovering from the daily demand zone around 94.00.
This could be a consolidation phase after the recent wild ride. The RSI’s double-dip in the oversold territory triggered a buy-the-dips behavior. A break above 105.00 could cause a broader recovery to 115.00.
The RSI’s swing into overextension may limit the impetus. The psychological level of 100.00 is fresh support and 94.00 is a critical floor to keep the price afloat.
