West Texas Intermediate (WTI) crude oil trades with a positive bias around the mid-$71.00s, remaining close to a fresh one-week high as market sentiment leans cautiously optimistic. After a recent uptick, WTI has managed to sustain its gains, though upward momentum remains capped by mixed signals in the global energy market.
Several factors have contributed to WTI’s current levels. Supply cuts from OPEC+ continue to lend support to prices, while signs of stabilizing demand, particularly in the U.S., have kept traders cautiously bullish. Additionally, a softer U.S. dollar has provided some tailwind for oil, making it cheaper for holders of other currencies.
However, the market remains wary of persistent economic uncertainty, particularly in major oil-consuming nations like China. Concerns over a potential global economic slowdown have limited the upward potential for crude prices, despite the underlying positive bias in recent sessions.
Looking ahead, WTI could see further movement as traders await upcoming economic data and geopolitical developments that may influence oil demand. For now, WTI stays comfortably in the mid-$71 range, with the potential to test new highs if supportive factors align in the coming days.
