Crude Oil (WTI)

Key insight

$89.20 (50-day MA) is the line in the sand — a daily close below it opens $86.50 gap support. Gold +0.4% and silver +1.7% today signal macro unease, not oil-bullish reflation.

Drops 1.0% to $89.58, testing the 50-day MA at $89.20 — USD/JPY pinned at 157.4 and sluggish global equity momentum cap near-term upside.

Main risk

OPEC+ output policy shift

Any OPEC+ supply surprise above current quotas would pressure $89.20 support and accelerate a move toward $86.50.