Crude Oil Opens Strong

WTI Crude Oil Rises at European Open

West Texas Intermediate (WTI) crude oil prices moved higher on Monday as the European session began, extending a modest rebound from last week’s close. At the time of writing, WTI is trading at $62.86 per barrel, up from Friday’s settlement at $62.37. The early-week gains suggest a cautiously optimistic tone among traders as the new trading week gets underway.

Meanwhile, Brent crude oil prices remain steady, hovering near $66.63 per barrel, virtually unchanged from the previous day’s close. The stability in Brent reflects a market balancing between supportive demand expectations and ongoing supply concerns.

Market Drivers
Analysts attribute the uptick in WTI to short-term demand optimism and continued supply constraints from key producers. Investors are also awaiting fresh economic data and the weekly U.S. crude inventory report for clearer signals on the supply-demand balance.

Currency market movements are also playing a role. A softer U.S. dollar in recent sessions has made dollar-denominated commodities like oil more attractive to buyers using other currencies, providing additional support to prices.

Short-Term Outlook
If demand signals remain positive and no unexpected supply increases occur, WTI could attempt to test higher resistance levels in the coming days. However, any negative global economic data or a sharp rise in inventories could quickly shift momentum to the downside.