Prices for U.S. crude oil West Texas Intermediate (WTI) are consolidating near a one-month high, pausing a four-day winning streak, although the intraday pullback lacks bearish conviction.

WTI prices are consolidating near monthly highs, breaking a four-day streak of gains. However, the intraday decline lacks the strength to be considered convincingly bearish. Moreover, the Relative Strength Index (RSI) on the daily chart has just begun to build positive momentum, reinforcing the bullish outlook.

The overnight breakout and close above the 200-period Simple Moving Average (SMA) on the 4-hour chart is viewed as a key bullish trigger. The emergence of dip-buyers near the breakout point—and even at the psychological level of $62.00—warrants caution for the bears.

Nevertheless, continued selling toward $61.30 and on to the $61.00 mark would open the door to deeper losses. The next support lies around $60.40, and a break below that would bring prices down to test the key psychological level of $60.00. A break below this pivot point would signal that the upward trend, which has lasted for more than a week, has run out of steam.

On the other hand, bulls need to clear the $63.50 level, which marks the two-week high set on Tuesday. A breakout above this level would likely accelerate bullish momentum toward the round figure of $64.00, with a potential test of $64.65 ahead of the key $65.00 level. A decisive break above that would pave the way for further gains.