Oil Market Analysis – Friday, October 2, 2026

Global crude oil prices are trading under limited downward corrective pressure today; Brent crude has slipped back below the $100-per-barrel mark (hovering around $99.30–$99.40), while West Texas Intermediate (WTI) is trading near the $91.50–$92.00-per-barrel level.

1. Fundamental Drivers

- Easing supply concerns: Acute concerns regarding maritime navigation have subsided as shipment flows gradually recover through the Strait of Hormuz and Saudi Arabia’s East-West pipelines.

- Rising US inventories: Data showed an unexpected increase in US commercial crude oil stocks, alleviating near-term supply shortage pressures.

- Reserve release discussions: Ongoing European and US discussions regarding coordinated potential releases from diesel and crude oil stockpiles have helped temper the risk premium.

2. Technical Analysis and Critical Levels

- West Texas Intermediate (WTI) Crude:

Resistance Levels:

First Resistance: $92.90 — Breaking and holding above this level signals a move toward $95.54.

Second Resistance: $97.70.

Support Levels:

First Support: $90.95 (followed by the strong $88.54 zone).

Second Support: $86.30, should selling pressure persist.

Brent Crude:

Trend: Temporary negative fluctuation below the $100 mark.

Resistance Levels: $98.70 (a break below which opens the way to $95.60).

Support Levels: $98.70 (a break below which opens the way to $95.60).