The XTI/USD chart indicates that earlier this week crude climbed above $67 per barrel, marking a fresh high for 2026. However, yesterday the market reversed sharply lower, as highlighted by the blue arrow on the chart.
The surge in volatility followed mixed headlines from Geneva, where US–Iran negotiations were underway:
→ certain reports claimed the talks had stalled, with Washington demanding a full suspension of uranium enrichment;
→ meanwhile, Omani intermediaries suggested that progress had been achieved and that a further round of discussions is due next week.
Technical Outlook for XTI/USD
In our analysis on 19 February, we anticipated:
→ a potential break to new yearly highs — which subsequently occurred, with successive peaks recorded between 19 and 23 February;
→ support emerging near 65.20 — a level that indeed held on 23 February.
Current price action suggests increasing downside pressure:
→ WTI showed hesitation around its annual highs, producing signals consistent with possible bull traps;
→ yesterday’s candle (marked by a red arrow) features a long upper shadow, pointing to rejection at higher levels.
At the same time, buyers stepped in near former resistance at $63.73. The lower boundary of the upward structure that has guided WTI throughout 2026 continues to provide technical support.
Attention now turns to the upcoming OPEC+ meeting over the weekend. Media reports indicate that analysts expect production to rise from April, potentially reinforcing oversupply concerns — especially after Wednesday’s increase in US crude inventories. As a result, the market could see heightened volatility at the start of next week.
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