WTI crude rises at European open
During Tuesday’s early European session, West Texas Intermediate (WTI) crude oil prices moved higher. WTI is trading at $57.00 per barrel, up from Monday’s close of $56.92.
Brent crude oil also shows a modest upward move, rising from $60.80 on Monday to $60.88 today. This steady but limited growth in both benchmarks reflects a slight improvement in demand outlook and easing concerns over global supply.
The early-week bullish momentum in oil prices is driven by several key factors:
These factors have renewed investor interest in energy markets, especially as recent economic data from the United States points to moderate but steady growth.
From a technical perspective, WTI crude has stabilized above the $56.50 support level and is now approaching the $57.00 resistance zone. A breakout above this level could open the path toward $57.40–$57.60.
The hourly Relative Strength Index (RSI) hovers around 60, indicating moderate bullish momentum. The 20-period Exponential Moving Average (EMA20) is currently providing support near $56.75.
Brent crude continues its gradual ascent, trading at $60.88. This move comes as markets await the release of United States crude oil inventory data on Wednesday. A decline in stockpiles could further support the upward trend in both WTI and Brent benchmarks.