WTIUSD Chart Technical Outlook US Crude Oil develops a reaccumulation phase, $84.00 prime support
US Crude Oil has a broad bullish bias. The geopolitical risk, OPEC+ supply cut, the Chinese economy improving a bit, soft landing scenario in fighting inflation, and the US refilling plans of the SPR (at some point) support mid- to long-term prices.
Prices printed a lower low this week but bounced higher inside the consolidation range. This could be a reaccumulation phase (continuation). It has a support zone between $84.00-50. Resistances are located at $86.00 and $87.50.
