Crude Oil (WTI)

Key insight

$90 round number capping price — four consecutive daily closes below this level confirm supply-side pressure. Break of $88.50 Aug swing low opens $85.20 (200-day MA).

$89.93 sits below the 100-day MA at ~$91.50, with the 200-day MA at $85.20 acting as the next magnet. Dollar strength (EUR/USD -0.7%) and European equity weakness add further headwinds.

Main risk

OPEC+ surprise supply cut reversal

Unexpected OPEC+ output increase announcement would spike WTI above $92 and invalidate the current bearish structure.