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

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.