• WTI attracts some buyers on Thursday, albeit it lacks follow-through.
• Demand concerns overshadow hopes for OPEC output hike delay.
• The technical setup still seems tilted firmly in favor of bearish traders.

West Texas Intermediate (WTI) US crude Oil prices trade with a mild positive bias, just above the $69.00/barrel mark during the early European session on Thursday, albeit lack bullish conviction. The commodity remains well within the striking distance of the YTD low, around the $68.45 region touched the previous day and seems vulnerable to prolonging its downtrend witnessed over the past two months or so. 

Reports that OPEC is discussing delaying its oil output increase scheduled to start in October turn out to be a key factor lending some support to Crude Oil prices. Apart from this, a subdued US Dollar (USD) demand further benefits the USD-denominated commodity. That said, persistent demand worries in China – the world's largest oil importer – and renewed fears about an economic downturn in the US act as a headwind for the commodity. This, along with a bearish technical setup, warrants some caution before confirming that the black liquid has formed a near-term bottom. 

Crude Oil prices have been trending lower along a downward-sloping channel since early Jul. Adding to this, the commodity this week broke down through the $71.50 horizontal support. Furthermore, oscillators on the daily chart are holding deep in negative territory and are still away from being in the oversold zone. This, in turn, suggests that the path of least resistance for the commodity is to the downside and any meaningful recovery attempt is likely to get sold into, making it prudent to wait for strong follow-through buying before positioning for a further appreciating move.