February 5, 2026 WTI Crude Oil Midday Analysis

The market is consolidating at high levels, brewing a direction. WTI crude oil continues to trade within a range, with short-term geopolitical support present but upward momentum slowing. The risk of a pullback is gradually increasing. Trading should abandon chasing rallies and focus on buying low and selling high to maintain the rhythm.

On the news front, the uncertain prospects of US-Iran negotiations provide geopolitical support. OPEC+’s pause on production increases in March also helps stabilize oil prices. However, expectations of global crude oil supply exceeding demand are heating up, refinery maintenance season is approaching, which weakens demand. Coupled with a rebound in the US dollar, upward movement in oil prices faces resistance.

Technically, early morning WTI crude oil surged to $64.52 before encountering resistance and pulling back. Prices are trading within a short-term high zone, with bullish momentum waning. The RSI indicator has fallen to a neutral area, indicating a need for a correction or rebound. Support and resistance levels are clearly defined at the upper and lower bands.

Trading should focus on selling high and buying low, paying attention to resistance at $64.8-$65.3. Support is found at $63.1-$63.8. Strictly control position sizes; exit immediately if support or resistance is broken. Avoid holding onto losing positions or chasing orders.

The above is only personal advice for reference and does not constitute investment recommendations. Please follow Cheng Jingsheng’s layout for specific strategies!$XAUT ‌#XAU