The chart shows that the price of medium-quality oil in West Texas may see a "corrective" rebound.

Fawad Razaqzada of FOREX.com stated in an email that according to the daily chart, there is a possibility of a "corrective" rebound in the price of West Texas Intermediate crude oil. "West Texas Intermediate crude oil has been in a downward trend for the past few weeks, leading to the momentum indicator to become extremely oversold," the market analyst pointed out. "This increases the likelihood of a corrective rebound," Razaqzada said. The initial major resistance is around $76.10 per barrel. "This area had previously acted as a support earlier in the year, but was eventually breached, and the latest price action indicates that it is now acting as a resistance," the analyst added. Near-month West Texas Intermediate crude oil futures rose by 0.5%, trading at $74.21 per barrel.