Yes

>>WTI crude oil slides from a six‑month peak as geopolitical tensions collide with a surge in supply.

WTI crude oil slides from a six‑month peak as geopolitical tensions collide with a surge in supply.

crypthub

about 15 hours ago

Market Reversal

WTI June futures fell more than 4% in 48 hours, slipping below the $88.50 technical resistance that had held since October. The drop erased the six‑month high reached in November 2024. Analysts point to unexpected inventory builds and rising non‑OPEC output as primary triggers.

Supply vs. Geopolitics

U.S. crude stocks rose 3.5 million barrels, while Guyana, Brazil and Canada posted record monthly production, challenging OPEC+’s discipline. At the same time, drone attacks on Red Sea refineries keep a fragile risk premium of $5‑7 per barrel in play, but it could disappear without physical disruption. These opposing forces create a volatile floor‑support narrative.

Trader Sentiment & Outlook

Managed money cut net‑longs by 15%, the largest weekly drop since December, and put‑option activity surged. A stronger dollar and the DOE’s pledge to refill the SPR at $72‑$78 per barrel adds a soft price ceiling. Markets now watch $82 support; a breach could push prices toward $78‑$80, while $88.50 remains the next resistance.