WTI Price Forecast: Corrects after failing to return above $100

101 finance2026/03/20 06:33

By:101 finance

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West Texas Intermediate (WTI), futures on NYMEX, trade over 1% lower to near $93.10 during the early European trading session on Friday. The oil price faces selling pressures as multiple events relating to Middle East conflicts, such as Israel’s pledge to refrain attacking Iranian oil infrastructure and potential talks on removal of sanctions on Iran’s oil stuck in the sea, have eased oil supply concerns.

Late Thursday, Israeli Prime Minister Benjamin Netanyahu said that Tel Aviv will not repeat attacks on Iranian gas fields at the request of United States (US) President Donald Trump, CNN reported. Earlier, Israeli Defense Forces (IDF) attacked Iran’s South Pars gas field, which is world’s largest gas field.

US Treasury Secretary Scott Bessent said in an interview with Fox Business Network that the “US may unsanctioned Iranian oil on water in coming days”.

In addition to easing supply concerns, hawkish comments from global central banks amid escalating inflation expectations due to higher energy prices have prompted oil demand worries, a scenario that is also unfavorable for the oil price.

WTI technical analysis

WTI US OIL trades lower at around $93.10 as of writing. The near-term bias turns mildly bearish as price retreats from the recent high of $100.00 while still holding well above the rising 20-day Exponential Moving Average (EMA), which is around $84.70, signalling a corrective phase within a broader uptrend.

The 14-day Relative Strength Index (RSI) has eased to 66.8 from extreme readings above 80, indicating cooling upside momentum after an overbought advance rather than outright trend reversal, which keeps downside pressure focused on a pullback rather than a full-fledged sell-off.

Initial support emerges at the 20-day EMA around $84.70, where a cluster of recent demand would be expected to stabilise the decline; a clear break below this area would expose deeper downside towards the prior consolidation zone around $80.00. On the topside, immediate resistance is now reinforced by the recent peak at $100.00, with any rebound capped below this level, leaving the current corrective bias intact, while a daily close back above it would reopen the path toward the previous highs of $113.80.

(The technical analysis of this story was written with the help of an AI tool.)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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