Oil Bears Target $66.74 as WTI Crude Maintains Downward Pressure

WTI crude oil is trading at $66.74, down 0.07% from the previous close, reinforcing bearish momentum according to tradeCompass technical analysis. The minimal decline suggests consolidation near current levels, with sellers maintaining control of the market direction. Technical indicators point to potential short-selling opportunities at current prices, though some traders may wait for a retracement toward $66.71, where high-volume trading areas could attract price action. The Point of Control (POC) and Volume Weighted Average Price (VWAP) deviations serve as magnetic zones due to collective market participant beliefs. This bearish stance in oil markets could strengthen commodity currencies like CAD and NOK while potentially weakening oil-importing nations' currencies. The narrow trading range indicates market indecision ahead of potential catalysts, with immediate support at $66.50 and resistance near $67.00.