oil WTI

After falling to the $65 per barrel zone, WTI has posted a recovery of over 6% over the past two weeks of trading. For now, the bias remains neutral, as the market stays focused on the potential outcomes of U.S. trade tariffs.

After falling to the $65 per barrel zone, WTI has rebounded by more than 4% over the last five trading sessions.

The price of WTI crude has dropped more than 6% over the past four trading sessions, settling around $67 per barrel, a level not seen since early December 2024.

The price of WTI has dropped more than 3% over the last three trading sessions. This significant bearish movement is mainly due to a potential easing of geopolitical tensions, such as the conflict in Ukraine.

With futures traders continuing to cover longs, further losses cannot be ruled out without a fresh fundamental catalyst. But given crude oil's 11% decline and plethora of support levels above $70, a technically-driven bounce is not a crazy idea.

WTI crude has accumulated a loss of more than 8% in value since mid-January of this year.

The WTI barrel has already recorded five consecutive sessions of losses, with a depreciation of more than 5%.

Since the beginning of the year, WTI has increased its price by more than 8%, surpassing the psychological barrier of $75, previously regarded as the closest resistance.

The rapid decline of oil prices last week has seen calls for $100 WTI come into question. But with prices showing signs of stability above $80 on Friday and Iran declaring war on Palestine, oil prices will be closely watched due to concerns of a supply disruption potentially on the horizon.

The combination of softer US economic data and yields pulling back from their highs allowed risk assets to sigh in relief and lift themselves cautiously from their cycle lows. Although oil prices plunged at the prospects of a struggling consumer due to low gasoline demand, sending WTI crude oil 5.5% lower during its worst day this year.

WTI crude has risen to $91.65 per barrel (bbl) at time of writing, with a $93.44 high Brent crude oil has risen to $94.58 per barrel (bbl) at time of writing, with a $95.66 high The US dollar index has risen to 105.2 with strong momentum

WTI crude oil prices rose for a fourth consecutive week despite a recovery of the US dollar. Whilst it shows the potential to pull back from the $77 highs, short-covering of large speculators and managed funds over the past couple of weeks suggests it could be headed towards $80.

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