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      WTI Crude Oil Futures Settle at $85.01 Amid Market Pressures

      WTI crude oil futures closed at $85.01, reflecting a decrease of $2.05 or 2.35% for the day. The trading session saw a low of $84.36 and a high of $86.57. The decline in prices was influenced by several factors, including profit-taking after recent gains and the U.S. announcement of new sanctions against Iran, which did not include immediate tougher measures on countries trading with Iran.

      Despite the sanctions, Iran continues to export oil to China, alleviating concerns about a significant reduction in Iranian crude from the global market. Additionally, the market is facing softer demand expectations, highlighted by a recent EIA report indicating a 4.4 million barrel increase in U.S. commercial crude inventories, contrary to expectations for a draw. Gasoline demand has also shown signs of weakening, contributing to the bearish sentiment in the market.

      Technically, WTI is positioned between its 200-hour moving average at $84.07 and its 100-hour moving average at $85.49. A drop below the 200-hour MA could intensify bearish pressure, while a rise above the 100-hour MA would signal a potential recovery. The next significant downside target is near $81.61, while resistance is seen around $87.78, following last week's high of $87.67.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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