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macroJul 9, 2026, 6:24 PM

WTI Crude Slips Below $72 as 200-Day SMA Rejection Keeps Bears in Charge

West Texas Intermediate crude oil fell on Thursday, erasing the previous day's gains as traders reassess supply risks from US-Iran tensions. The price hovered around $71.75, down 3.77% on the day, after a rejection at the 200-day simple moving average.

WTICOUSD

West Texas Intermediate (WTI) crude oil extended losses on Thursday, wiping out all of Wednesday's advance. The commodity traded near $71.75, representing a 3.77% decline, as market participants reconsidered the supply disruption risks stemming from renewed US-Iran tensions.

The rejection at the 200-day simple moving average (SMA) kept bears in control, reinforcing the technical resistance at that level. The move lower suggests that the short-term upside momentum has faded, and sellers are reasserting dominance.

Traders are now watching key support levels near $70.00. A break below that psychological barrier could accelerate selling pressure, while a recovery above the 200-day SMA would shift the focus back to the upside.

Source: FXStreet Forex News