WTI crude oil futures attempted to stabilize on Friday, November 6, after a decline of roughly 17.5 percent from their late-October high. December futures settled the session at $90.83 per barrel.
A sharp slide
The session high reached $92.53 a barrel, while the low came in at $89.07. The settlement of $90.83 left the contract roughly in the middle of that range, reflecting the difficulty buyers have had pushing prices decisively higher.
Iran risk in focus
Much of the recent volatility has tracked shifting expectations around the conflict involving Iran and the prospects for restoring oil shipments from the Middle East. A possibility of de-escalation has weighed on prices in recent sessions.
Renewed military action remains a risk, and reports of tanker attacks have revived concerns about disruptions to regional supply. Technical scoring for the market put the short-term outlook, covering the next one or two sessions, at -1 on a scale running from -10 to +10, with the broader view described as bearish.
The scoring and levels are part of a technical analysis framework rather than a trading signal, offering scenarios for where prices might move next rather than a forecast of direction.
