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WTI Holds Steady Amid Inventory Draw and Dollar Weakness; Technicals Signal Neutral Outlook

West Texas Intermediate (WTI) oil prices held steady Thursday despite a 5.8 million barrel drop in US crude inventories driven by higher summer demand, according to the EIA.

The US dollar weakened to a three-year low at 96.90 amid speculation that President Trump will soon name the next Fed chief, boosting expectations for a rate cut.

Easing Middle East supply concerns capped price gains. Israeli PM Netanyahu expressed hope for peace after the Iran conflict, while Trump praised the swift end and hinted at talks to curb Iran’s nuclear ambitions, signalling possible easing of sanctions to aid Iran’s recovery.

Technically, the RSI remains negative, the MACD shows mixed bias, and the ADX indicates a ranging market.

The short-term outlook remains neutral after a potential bullish island reversal failed to confirm on the daily chart.

Daily Chart West Texas Intermediate (WTI)

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