WTI crude oil futures extended intraday gains to 1.00%, trading at $65.95 per barrel amid tightening supply signals and improved demand outlooks. The upward momentum follows reports of declining U.S. crude inventories and heightened geopolitical risks in key oil-producing regions, including renewed Middle East tensions.
Market analysts attribute the rally to a combination of OPEC+ production discipline and expectations of stronger summer fuel demand. However, gains remain capped by lingering concerns over global economic growth, particularly in China, where recent industrial data has shown mixed signals.
The price movement aligns with a broader commodity rebound, as Brent crude also rose 0.8% to $70.20 per barrel. Traders are closely monitoring upcoming U.S. inflation data and Federal Reserve policy signals, which could influence energy markets via dollar strength and rate-cut expectations.
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