WTI Crude Hovers Near $76 After 5% Drop

West Texas Intermediate (WTI) crude oil is little changed near $75.80 per barrel in Asian trading, after plunging nearly 5% in the previous session. The commodity remains under pressure as rising global supply expectations continue to weigh on market sentiment.

The price action reflects ongoing concerns about oversupply, with the market absorbing reports of increased production from major producers. No fresh catalysts have emerged to reverse the bearish tone, leaving WTI consolidating around the $76 mark.