Crude Oil (WTI)

Key insight

100.00 round-number tested and held intraday; next technical resistance is 102.50 (Aug swing high). Failure to extend above that level within 1-2 sessions risks a reversal to 97.80 50-day MA.

100.00 holds as psychological support — WTI reclaimed three-figure territory and holds it, with supply discipline from OPEC+ and USD/JPY at 154.4 capping dollar headwinds for oil buyers.

Main risk

China demand slowdown

Slowing Chinese industrial output compresses crude import volumes — break of 97.80 50-day MA confirms demand-side deterioration.