Oil futures declined during the Asian trading session on Wednesday, with benchmark contracts tracking U.S. and global benchmarks retreating from recent highs.
On the New York Mercantile Exchange, October West Texas Intermediate crude futures fell 2.70% to trade at $80.14 per barrel at mid-session. The contract showed technical support around $80.08, while resistance was observed near $87.69. Meanwhile, November Brent crude on the Intercontinental Exchange declined 2.52% to $85.07 per barrel, widening the Brent-WTI spread to $4.93.
The U.S. dollar index futures, a gauge of the greenback against major peers, edged 0.06% higher to 98.90, contributing to downward pressure on dollar-denominated commodities.
Traders cited technical profit-taking after recent gains and a stronger dollar as key factors behind the declines. The session followed Tuesday’s close, when both contracts had posted weekly gains amid supply concerns and geopolitical risks.
Support levels for October WTI were noted at $80.08, while resistance remained capped near $87.69, reflecting the range-bound trading environment in recent sessions.
