Crude Oil (WTI)

Key insight

$96.49 cracks $98 support on heavy selling — divergence from rising equities and gold flags demand fears, not supply shock; next technical floor is 50-day MA at $94.80.

Falls 3.2% to $96.49 as equities rally signals risk-on rotation away from oil; price breaks below the $98 round-number support, exposing the 50-day MA near $94.80.

Main risk

OPEC+ emergency supply cut reversal

Surprise OPEC+ cut rollback could spike price above $100 instantly, invalidating the bearish breakdown below $98 support.