It was another wild, choppy session for West Texas Intermediate (WTI), with Thursday’s price action staging a firm rebound as it was unlikely that the United States would release emergency crude reserves or ban exports from easing tight supplies.
From the rebound, the posted outside range day was not confirmed.
Earlier this week, the Organization of the Petroleum Exporting Countries and allies (OPEC+) agreed to gradually raise output, sending crude prices to multi-year highs.
Based on the technical assessment, the overnight rebound has now put the short-term outlook neutral.
Conversely, a New York close beneath $76.40 should encourage the bearish sentiment and expose the region of $74.30-50. Reassess from there.