The price is in a correction and may grow.

On the daily chart, the downward correctional second wave of the highest level (2) and the wave C of (2) develops. Now, the fifth wave of the lowest level v of C is forming, within which the wave of the lowest level (i) of v of C has ended, and the correctional wave (ii) of v of C is developing. If the assumption is correct, the asset will grow to the area of 66.30–70.00. In this scenario, the critical stop loss level is 58.10.

During the morning session, WTI Crude Oil prices consolidated near the October 22 low of 58.30. Investors expect the US shutdown to end soon and are reacting to OPEC’s renewed forecasts published yesterday, because of which the quotes lost more than 3.0%. 

WTI Crude Oil prices have been trading in a narrow sideways range of 60.93–59.37 (Murrey level [4/8]–[2/8]) for the third week: the market is in a state of uncertainty under the influence of a number of opposing factors, and the key one remains the agreement between the Democratic and Republican parties in the Senate on funding for the federal government until the end of January 2026. 

The price of WTI Crude Oil may rise to 62.37 amid reports of a possible end to the US government shutdown: the Senate has passed a bill to that effect, and now it must be approved by the House of Representatives and President Donald Trump, which will take several days, after which the government, suspended for a record 40 days, will resume work. 

WTI Crude Oil prices are trading below the key level of 60.00 this week due to fundamental factors.