WTI Crude Turns Bearish

Energy Market Faces Pressure

Crude Oil Price Today: WTI turns bearish at European opening

West Texas Intermediate (WTI) crude oil prices extended their decline on Friday during the early European session. At the time of writing, WTI trades at $62.91 per barrel, lower than Thursday’s closing level of $63.29.

Brent crude oil followed a similar path, slipping to $66.75 after ending the previous session at $67.10. The synchronized weakness in both benchmarks highlights the cautious sentiment prevailing in global energy markets.

Market Drivers: Dollar strength and demand concerns

Energy analysts point to several factors weighing on crude prices:

Stronger US Dollar: The post-FOMC rebound in the greenback has reduced the appeal of dollar-denominated commodities such as oil.
Global demand worries: Softer economic data from major economies has raised concerns about slowing consumption.
Supply dynamics: Rising output from certain producers continues to pressure prices, offsetting earlier supply disruptions.

Short-term outlook

Despite the latest pullback, some traders believe that the $62–63 range could act as a near-term support zone for WTI. On the other hand, Brent faces immediate resistance around $67.50–68.00.

If bearish momentum persists, oil prices could extend their decline further. Conversely, any signs of stronger demand or supply cuts may provide a floor and trigger a rebound.

Conclusion

Crude oil prices entered the European session on a weaker note, with both WTI and Brent slipping below key levels. The interplay between global demand signals, supply conditions, and the US Dollar’s trajectory will remain the decisive factors shaping the next move in the energy markets.