• WTI trimms losses after hitting a two-week low near $62.50 earlier on Thursday.
• Market focus shifts to the OPEC+ meeting on September 7 to debate potential October output hikes.
• Bearish momentum dominates as WTI trades below its 21 and 100-period SMAs.

West Texas Intermediate (WTI) Crude Oil recovers on Thursday after sliding to its lowest level since August 21, near $62.50 earlier in the day. At the time of writing, WTI is trading around $63.30 during the American session, paring intraday losses and signaling a modest rebound, though the US benchmark remains under pressure following a sharp midweek sell-off.

The downturn comes ahead of the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting on Sunday, September 7, where the alliance is expected to debate further output hikes for October, a move that could deepen oversupply concerns in an already seasonally weak demand period. Bearish sentiment is further reinforced by the latest American Petroleum Institute (API) data released on Wednesday, which showed an unexpected 622,000-barrel build in U.S. crude stocks for the week ending August 29, against forecasts of a 2-million-barrel draw. Together with easing consumption after the summer driving season and ongoing global growth worries, these factors keep WTI under pressure despite the modest intraday rebound.

From a technical perspective, WTI Crude Oil is trading just above a critical support area after a sustained two-day decline. The 4-hour chart shows prices briefly testing the $62.50 horizontal support, the lowest level since August 21, before edging back toward $63.00. This zone has emerged as a decisive battleground. If prices hold above this zone, it could provide scope for a short-term recovery, while a confirmed break lower would likely accelerate bearish momentum toward the $61.50-$61.00 region.

On the upside, immediate resistance aligns with the 100-period Simple Moving Average (SMA) at $63.35, followed by the 21-period SMA near $64.30, creating a confluence barrier that limits recovery attempts. WTI remains below both moving averages, underscoring persistent selling pressure and highlighting the inability of bulls to reclaim lost ground.

Momentum indicators reinforce the bearish tone. The Relative Strength Index (RSI) is hovering near 37, not yet oversold but clearly skewed to the downside, suggesting sellers remain firmly in control. This leaves scope for further declines before corrective buying emerges, although any rebound toward the $64.00-$64.50 zone is likely to encounter heavy resistance.