WTI crude oil opened 0.7% higher at $67.57 per barrel, extending gains amid tightening supply signals and improving risk sentiment. The rise follows reports of declining U.S. crude inventories and ongoing geopolitical tensions in key oil-producing regions, including renewed Middle East disruptions.
Market analysts attribute the upward momentum to 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.
Traders are closely monitoring upcoming U.S. inflation data and Federal Reserve policy signals, which could influence energy markets via dollar strength and interest rate expectations. A sustained break above $68 could signal further upside, though volatility may persist amid uncertain macroeconomic conditions.
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