🛢️ The $60.00 Crucible: WTI Crude Oil's Defining Battleground
The oil market has delivered a sharp correction, pulling WTI Crude Oil back from its recent highs and landing it squarely on a highly contested historical line: the $60.00 per barrel mark . This isn't just a number; it's a crucible . It represents the balance point between structural oversupply and immediate geopolitical panic. For traders and investors, the price action over the next week will be less about the daily fluctuations and more about which fundamental titan— Supply Glut or Geopolitical Risk —wins the battle for this crucial pivot. 📉 Charting the Defense: Why $60.00 Matters Technically The recent sell-off was fast and aggressive, stripping WTI of its October gains. This aggressive pullback suggests that the market's underlying bearish conviction—rooted in future oversupply—is strong. Key Technical Signals: The $60.00 Pivot: This level is a psychological and technical confluence zone . Historically, it has served as a key support, resistance, and flip-point. D...