WTI Oil picks up, but is expected to find resistance at $62.00

• WTI Oil prices tick up but remain within previous ranges below $62.00.
• Market expectations of higher supplies are acting as a headwind for rallies.
• The technical picture is showing a lack of clear bias, with prices bouncing in a $3.5 range.

Crude prices are paring losses on Tuesday as the UK and US markets return from a long weekend on an upbeat market mood. Trump's decision to delay tariffs on European products has eased concerns about severe damage to global growth and to Oil demand by extension. The market is still celebrating the news.

The current recovery, however, is likely to be short-lived, with fears of oversupply looming. A recent report from Goldman Sachs warns that a significant increase by non-OPEC suppliers will send WTI prices to $52 in 2026

WTI Oil technical analysis: Prices wavering without a clear bias

The technical picture shows crude prices looking for direction after the rejection at $63.45 resistance area was contained at the $60.00 psychological level.

The 4-hour RSI is wavering around the 50 line, highlighting a lack of clear momentum, but a bullish engulfing candle on Friday's daily chart is a positive sign.

The intraday bias shows a mild bullish tone, which is likely to be halted at the $62.00 area, at the May 26 high. Above here, the top of the horizontal channel, at $63.50, would be exposed.

On the downside, supports are at the $61.00 intra-day low ahead of the May 15, 22, and 23 lows, at $60.00.

WTI Oil 4-Hour Chart