Crude Oil (WTI)

Key insight

$100 round number is the line in the sand: hold it and risk/reward favours a bounce to $103.50; lose it and next structure is $97.80 (200-day MA). Today's -1% move puts that test live.

Fails to hold $102 — WTI slides to $100.58, pressing the $100 psychological floor with USD/JPY sticky at 158.5 and equities soft, offering no demand tailwind.

Main risk

Demand destruction at triple-digit prices

WTI above $100 historically suppresses industrial demand; with S&P 500 -0.2% and Nasdaq -0.5%, macro headwinds amplify the risk.