WTI Crude Oil prices may lose 3.0% in value following Friday’s trading amid concerns about a decline in energy demand from China, the largest importer. The state oil refiner Sinopec said in its year’s forecast that raw material imports into the country could peak as early as 2025 and consumption by 2027 amid changes in demand for diesel fuel and gasoline due to the more rapid spread of electric vehicles in the country.

During the morning session, WTI Crude Oil prices are consolidating near the 69.60 mark. Traders are in no hurry to open new positions before publication of the results of the two-day meeting of the US Fed at 21:00 (GMT+2). Recall that the markets are confident in the interest rate adjustment by –25 basis points to 4.50%. However, they also expect comments on the regulator’s further actions.

A fall is possible.

On the weekly chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. On the daily chart, the third wave iii of C develops, within which the wave (iii) of iii has formed, and a correction is developing as the wave (iv) of iii. If the assumption is correct, after the correction, the price of the asset will fall to the area of 60.00–51.75. In this scenario, critical stop loss level is 78.55.

WTI Crude Oil quotes are trading within a long-term downtrend, but this week they began to move into a correction, which is supported by three main factors: the measures to support the national economy announced by the Chinese government, growing instability in the Middle East, and the likelihood of a new cut in interest rates by the US Federal Reserve at its last meeting this year. However, long-term fundamental factors remain negative for the market.

WTI Crude Oil quotes are approaching the level of 67.00, supporting the overall negative dynamics on the world market caused by the expected OPEC+ decision to maintain current production restrictions for another three months.