Analyst: The upward momentum of WTI crude oil futures may be weakening.

StoneX's Matt Simpson commented that technical analysis shows that the upward momentum of West Texas Intermediate crude oil futures seems to be weakening. The senior market analyst noted that a lower high and shooting star candlestick pattern formed on Wednesday, followed by a bearish daily close on Thursday below trend support. He stated that the rally from $54.70/barrel may be facing a corrective three-wave decline. Simpson added that there is a cluster of previous highs near $62.88/barrel, which could act as near-term support, but breaking below $62/barrel could pose a risk of prices falling towards the $60/barrel level. Near-term West Texas Intermediate crude oil futures rose 0.1% to $62.88/barrel.