Wti futures price hovered around $78

WTI futures price hovered around $78.65 per barrel in today’s early trading, with traders eyeing U.S. inventory data for directional clues. The price trend remains sensitive to Fed rate outlook and Middle East supply concerns. Analysts see short-term support at $77.20 and resistance near $80. Oil prices settled higher on Friday but posted a weekly loss of 8.1% after news of potential increases to OPEC+ supply. Futures market traders could trade the standard-size ( CL ) crude oil contract, the mini-crude oil contract ( QM ), or the micro-contract ( CY ). Equity traders may be interested in trading the exchange-traded fund ( USO ). Bearish oil prices, sometimes seen as a contracting economy, could negatively impact the stock market and result in a bearish price move. Traders could trade the mini S&P 500 ( ES ) or the micro-contract ( ET ) to participate. WTI futures price fell slightly to $78.20 on profit-taking, with traders repositioning ahead of the CPI release. The moving average convergence divergence (MACD) lines hint at possible short-term bearish crossover.