A fall is possible.

On the daily chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. Now, the first wave of the lower level i of C has formed, a local correction is ending as the second wave ii of C, and the third wave iii of C has started. If the assumption is correct, the price of the asset will fall to the area of 67.60–60.00. In this scenario, critical stop loss level is 87.70.

Yesterday, WTI Crude Oil lost 3.0% in value amid macroeconomic statistics and investor concerns about energy demand in 2024.

During the Asian session, the price of WTI Crude Oil rose slightly, testing the resistance level of 85.50.

The price of North American light oil WTI Crude Oil is correcting sideways at 85.09 amid a tense geopolitical situation and a seasonal increase in global fuel demand.