West Texas Intermediate (WTI) futures on NYMEX traded in a tight range around $93.20 during the European trading session on Thursday, reflecting a period of consolidation as negotiations between the United States and Iran toward a permanent peace deal remain stalled [1]. US President Donald Trump expressed confidence that Washington is close to reaching a deal, but no agreement has been reached so far. On Wednesday, Trump stated that Iran has agreed not to pursue its nuclear ambitions, while also warning that the nations cannot be trusted. Trump further noted that Iran's Supreme Leader Mojtaba Khamenei is involved in negotiations with Washington [1].
Investors are also shifting their focus to upcoming monetary policy announcements from several global central banks, beginning with the Bank of Canada’s decision next week. Most central banks are expected to tighten monetary conditions or provide guidance in that direction, as inflationary pressures have increased globally due to higher energy prices [1].
From a technical perspective, WTI US Oil trades almost flat at around $93.10, maintaining a soft bearish bias as it remains below the 20-day Exponential Moving Average (EMA) at $93.51. The inability to reclaim this short-term EMA suggests that rallies are being capped, while the 14-day Relative Strength Index (RSI) around 48 indicates fading momentum rather than an oversold condition, leaving scope for further downside if selling resumes. Immediate support is seen at $90.00, with the next notable cushion at the broader upward support trend line around $84, where dip-buying interest could reappear. On the upside, a daily close above the 20-day EMA at $93.51 would be needed to ease the current bearish tone and open the door for a corrective recovery toward $100.00 [1].
CONCLUSION
WTI oil prices are consolidating above $93 as US-Iran negotiations remain deadlocked and investors await key central bank policy decisions. Technical indicators suggest a soft bearish bias, with potential for further downside unless prices reclaim the 20-day EMA. The market remains cautious amid geopolitical uncertainty and inflation-driven monetary tightening.