WTI Oil Price Forecast: Bulls lose momentum near $100

West Texas Intermediate (WTI) Oil extends its decline on Thursday, sliding nearly 2% as Saudi Arabia’s rerouting efforts and hopes for a faster pipeline recovery weigh on prices, even as broader Middle East supply risks stay elevated. At the time of writing, WTI trades around $95.50 after reaching $102.11 earlier this week, its highest level since May 21.

Oil eases as Saudi Arabia reroutes exports and repairs key pipeline

Analysts at Commerzbank report that oil prices fell as Saudi Arabia responded to recent supply disruptions by “sought alternative export routes and moved closer to partially restoring the East-West pipeline.” According to the bank, Saudi Arabia has “begun offering additional crude via Oman, using ship-to-ship transfers at Sohar to circumvent disruption to its Red Sea export route.” Commerzbank adds that the kingdom is “reportedly seeking to restore around half of the capacity of its East-West pipeline within days following last week's drone attacks,” helping to reassure markets over near-term export continuity.

Technical analysis: 4- hour chart

WTI US Oil keeps a bearish near-term tone as price has slipped beneath the 50-period Simple Moving Average (SMA) at $96 while still holding above the 100-period SMA at $91 and the 200-period SMA at $86. The Relative Strength Index (RSI) at 40 hovers just above oversold territory, and the Moving Average Convergence Divergence (MACD) indicator remains below zero with a negative line value, which together hint that downside momentum persists, though not yet in extreme conditions.

On the downside, immediate support is seen at the horizontal level near $95.00, ahead of the clustered trend supports from the 100-period SMA at $91 and the 200-period SMA at $86, while a deeper slide would expose the prior structural floor around $80. On the topside, the 50-period SMA at $96 acts as initial resistance, with a clearer recovery only opening if bulls can reclaim the psychological barrier at $100.

Daily chart

On the daily chart, the recent upside stalled as buyers struggled to sustain gains above the psychological $100 mark. Despite the pullback, WTI Oil holds well above the 50-day, 100-day and 200-day Simple Moving Averages (SMAs), keeping the broader bias bullish.

The Relative Strength Index (RSI) near 59 and a positive Moving Average Convergence Divergence (MACD) histogram suggest that bullish momentum is still in place without reaching overbought territory.

On the downside, immediate support is seen at the horizontal level of $95, which acts as a nearby pivot beneath the market. A deeper pullback would expose the prior psychological and structural floor at $90, ahead of a broader demand zone defined by the 100-day and 50-day SMAs between roughly $85.26 and $84.95, with the 200-day SMA at $79.71 and the $70 horizontal line marking more distant medium-term support.

On the upside, a clear break above the psychological $100 mark could open the door toward $105, followed by the early-March spike near $113 recorded after the US-Iran war began.