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• WTI crude futures decline amid concerns of further monetary tightening impacting global growth and energy demand.
• Central banks signal readiness to raise interest rates to tackle inflation.
• Economic uncertainties in China and a lack of pro-growth policies contribute to a clouded demand outlook.
• US crude inventories experience a significant decline, surpassing market expectations.
• Investors express concerns over Saudi Arabia’s voluntary supply cuts in July alongside existing OPEC+ production cuts.

WTI Crude oil futures have experienced a slight decline of approximately 0.1%, currently trading around $69.50 per barrel. The daily price range displays a balanced pattern, with investors strategically establishing core long positions near the lower extreme in anticipation of targeting the upper range.

Examining the volume profile, we observe a double distribution pattern from the prior session, indicating potential interest in the low volume area between the distributions in today’s session. Additionally, the prior VWAP close level holds significance as a point of focus. If absorption occurs around the swing highs, it could trigger a retracement toward today’s swing lows.

Price movements continue to exhibit upward tendencies, supported by the core long positions established at the lower extreme of the daily interval. Furthermore, a lower dollar in the median-term perspective may encourage selling, benefiting US exporters. The presence of negative volatility suggests potential upward momentum for prices, as mixed market hints prompt participants to maintain a rotational approach.

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