WTI crude declines at European market open
West Texas Intermediate (WTI) crude oil opened Friday’s European session with a slight decline, trading at $59.36 per barrel, down from Thursday’s close of $59.48. Brent crude followed a similar path, slipping to $63.08, compared to its previous daily close of $63.16.
Today’s price action reflects a combination of technical selling pressure and a lack of strong bullish catalysts across global markets. Traders remain cautious ahead of key central bank meetings and upcoming macroeconomic data releases, limiting upside momentum.
Meanwhile, rising crude inventories in the United States and sluggish refinery demand have added to the bearish tone, reinforcing downward pressure on prices.
Brent crude, the global benchmark, continues to trade in a corrective phase. Despite ongoing geopolitical tensions in the Middle East and supply-side concerns, the market has shown limited reaction, with prices hovering near the $63 level.
Analysts suggest that a sustained break below $62.50 could open the door to further downside in the short term. Conversely, a move above $64.00 may signal renewed buying interest and a potential recovery.
From a technical standpoint, WTI is approaching a key support zone around $58.00. A break below this level could trigger a deeper pullback toward $56.50. The daily Relative Strength Index (RSI) has dipped below 45, indicating weakening bullish momentum.
The 20-day Exponential Moving Average (EMA) is sloping downward, and price action remains below it—suggesting continued selling pressure in the near term.
Overall, crude oil markets opened the European session with mild bearish sentiment. Macro factors such as rising inventories, soft demand, and cautious positioning ahead of monetary decisions are weighing on prices.
However, key support levels and potential market reactions to upcoming data releases may shape the next directional move.