During the Asian session, WTI Crude Oil prices are recovering slightly after three days of active decline, which resulted in them hitting new lows since September 5, and testing the 62.0 dollars per barrel mark for a breakout, while traders await new drivers for movement.

WTI Crude Oil prices are adjusting downwards this week amid the resumption of oil supplies from Iraqi Kurdistan and the likelihood of a new increase in production volumes by OPEC+: at the moment, quotes are held in the area of 62.03.

WTI Crude Oil price is trading above the key level of 63.0 dollars per barrel, reacting to the agreement on a new European package of restrictions on Russian oil exports.

In September, WTI Crude Oil is trading above the 62.00 support level amid rhetoric from US and Chinese financial authorities, maintaining low volatility in anticipation of new drivers.

A fall is possible.

On the daily chart, the downward correctional second wave of the highest level (2) and the wave C of (2) develop. Now, the fifth wave of the lowest level v of C of (2) and the wave (v) of v of C are forming. If the assumption is correct, the price of the asset will fall to the area of 55.45–51.88. In this scenario, the critical stop loss level is 64.30.