West Texas Intermediate (WTI) crude slipped modestly near $62.70 on Monday, with prices seeing limited downside despite recent selling pressure. The movement reflects a broader stabilization in oil markets as traders weigh mixed signals from economic data and global supply developments.
Oil prices edged lower in early trading amid cautious sentiment around global growth prospects. However, the lack of aggressive selling pressure suggested that market participants remain confident that demand fundamentals will stay relatively firm through the second half of the year. WTI hovered between $62.65 and $62.70 during the session, showing resilience despite broader market volatility.
Analysts pointed to a combination of factors helping to cap losses, including a weaker US dollar, ongoing OPEC+ production cuts, and hopes for steady demand from major economies. “There’s a floor under oil prices for now, thanks to supply discipline and cautious optimism about global consumption,” one commodities strategist noted.
Still, concerns linger over potential headwinds such as sluggish economic recovery in parts of Asia and uncertainty around future US interest rate moves. Weaker-than-expected data could rekindle fears of softer demand, which would put fresh pressure on crude benchmarks like WTI.
Traders are now looking ahead to key inventory reports from the US Energy Information Administration and any updates from OPEC+ members regarding future production strategies. In the meantime, WTI appears set to remain range-bound, with limited appetite for sharp moves in either direction.
