WTI Weakens, Brent Remains Unchanged
At the start of Monday’s European trading session, West Texas Intermediate (WTI) crude oil prices declined, falling to $59.30 per barrel—down from Friday’s closing price of $59.77. This early drop reflects selling pressure in the United States oil market, as traders await fresh economic data and geopolitical developments.
In contrast, Brent crude oil prices remained relatively unchanged at the beginning of the new week, hovering around $63.92—matching Friday’s closing level. This stability suggests that global oil markets are still assessing key factors influencing supply and demand, including regional tensions, OPEC production policies, and broader economic outlooks.
Several factors may be contributing to the downward movement in WTI prices:
A rise in United States crude oil inventories last week
Weakening industrial demand across parts of Asia
Concerns over global economic growth and its impact on energy consumption
Additionally, traders may be holding off on new positions ahead of upcoming economic reports, leading to reduced trading volume and downward price pressure.
If selling pressure continues, WTI could move toward technical support near the $58.50 level. Conversely, if upcoming United States economic data signals stronger demand, prices may rebound above the $60 mark. For Brent, a breakout above the $64.50 resistance level could indicate the start of a new upward trend.
Summary:As the new week begins, oil markets are showing mixed signals—WTI crude is under pressure while Brent remains stable. Traders are closely watching economic indicators and geopolitical developments to determine the next direction for prices.