WTI crude oil shows signs of stabilization amid market resistance

WTI crude oil is showing signs of stabilization following a selloff in September. Recent price action indicates buyers are defending higher lows, with the latest November 2026 WTI futures closing at $89.77. This represents a recovery of approximately 40% of the recent decline from $91.31.

Despite this rebound, the market faces significant resistance. Analysts note that clearing $90.50 and testing the $90.85–$91.31 range are critical next steps. While the rebound has shown strength by holding above previous resistance levels, successive rebound highs have been declining, suggesting the larger downtrend may persist unless buyers can interrupt this pattern.

Market conditions remain mixed. While recovering shipments through the Strait of Hormuz could potentially restrain prices, depleted inventories and persistent diesel shortages continue to leave energy markets vulnerable to disruption.