Oil Prices Rise on Demand Optimism
West Texas Intermediate (WTI) crude oil price advanced early Monday during the European trading session, reaching $61.57 per barrel, up from Friday’s close of $61.29. This modest increase reflects a partial recovery in demand and improved market sentiment at the start of the new trading week.
Meanwhile, Brent crude oil remained stable around $65.17, showing little change from its previous daily close. This relative steadiness signals a cautious tone in the energy market, as traders assess global demand outlooks and geopolitical risks.
Recent developments in trade relations between the United States and China, easing geopolitical tensions, and last week’s economic data have all contributed to the current price dynamics. With declining oil inventories in the United States and the potential extension of OPEC+ production cuts, some analysts expect increased volatility in the coming days.
On the other hand, concerns over slowing global economic growth and its impact on energy demand continue to act as a drag on prices. Traders are also awaiting fresh reports from the International Energy Agency (IEA) and the U.S. Energy Information Administration (EIA) to gain clearer insight into global supply and demand trends.
From a technical standpoint, WTI crude may target the next resistance zone near $62.20 if it holds above $61.50. Conversely, a break below the key support at $60.80 could trigger a move toward lower price ranges.
For Brent crude, short-term resistance is seen near $65.50, while support lies around $64.70. Price consolidation within these levels may determine the next directional move.
Given the mixed fundamental and technical backdrop, traders are likely to remain cautious ahead of upcoming economic data releases and major policy meetings. The trajectory of oil prices in the coming days will largely depend on geopolitical developments and supply-demand signals.