WTI crude futures traded near $88.00 per barrel on Thursday, having rallied more than 10% so far this week as OPEC+ agreed to cut output by 2 million barrels per day, the biggest output cut since the start of the pandemic. Yesterday the price broke above the major resistance zone around $87.60, which is marked with upper limit of the local 1:1 structure, downward trendline and 61.8% Fibonacci retracement of the upward wave launched in December 2021. As long as price sits above this level, upward move may accelerate towards next resistance at $92.75.
OIL.WTI, H4 interval. Source: xStation5
Daily Summary: Week ends with a shallow rebound
Three markets to watch next week (24.08.2026)
⚪Silver tests $70 and breaks key resistance
Morning wrap: Bitcoin surges to $75k, Wall Street tries to stabilize