WTI Price Forecast: Oil steadies near $63.50 with bullish bias

• WTI extends rebound for the third straight day on Tuesday, trading near $63.50.
• Supply risks from fresh attacks on Russian refineries keep the risk premium alive.
• Technical signals turn constructive, with RSI pointing higher and MACD marginally positive.

West Texas Intermediate (WTI) Crude Oil continues its recovery on Tuesday, marking a third consecutive daily gain as supply risks stemming from fresh attacks on Russian refineries keep the risk premium intact. At the time of writing, WTI is trading around $63.68, up nearly 1.0% on the day.

The recovery follows a successful defense of the $61.50 support base, where buyers stepped in last week to halt downside pressure. However, gains remain constrained by the 21-day Simple Moving Average (SMA) at $63.25, a dynamic ceiling that has repeatedly capped upside momentum over the past sessions.

From a technical perspective, a decisive break above the $65.00-64.80 resistance zone would be needed to confirm bullish continuation and expose the $66.00 handle next, with scope to extend toward $68.00 if momentum builds. On the downside, failure to sustain above the 21-day SMA could see renewed selling pressure, dragging prices back toward $61.50, with a breakdown exposing $60.00 psychological support.

Momentum signals are showing early signs of improvement. The Relative Strength Index (RSI) has climbed back above the neutral 50 mark and is currently pointing upward, suggesting building bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) has flipped marginally positive, suggesting early signs of bullish momentum, though not yet strong enough to confirm a clear shift in trend.