Key Points:
- WTI crude rose 0.92%, closing at $67.66 after touching a session high of $68.08.
- Market volatility remains elevated amid ongoing geopolitical tensions and fresh U.S. sanctions on Iran.
West Texas Intermediate (WTI) crude oil futures climbed to $67.66 per barrel, marking a 0.92% intraday gain. Prices peaked at $68.08 before slightly pulling back, supported by supply concerns and renewed market volatility.
Cross-border conflicts remain a key driver, as the latest developments in Russia-Ukraine peace talks suggest dimming optimism. A swift Russian military advance has forced Ukrainian troops to retreat from key regions, diminishing Ukraine’s leverage in ongoing negotiations.
Meanwhile, the U.S. Treasury Department announced tighter sanctions on Iran, specifically targeting its petroleum minister and several shipping companies. This move has added to supply concerns, particularly as Iran remains a significant crude exporter.
Technical Analysis
Crude oil prices surged to $68.08, marking a 0.92% increase, as bullish momentum pushed prices above key resistance at $67.50. The MACD crossover indicates strong buying interest, while the moving averages (5,10,30) show an upward slope, confirming an uptrend.
Picture: Oil breaks past $67.50, eyeing further gains toward $69, as seen on the VT Markets app
The breakout above $67.50 suggests potential for further gains, with the next resistance level near $68.50-$69.00.
If oil sustains this rally, traders should watch for a push toward $69.00. However, a drop below $67.50 could trigger a pullback toward $67.00-$66.30. Key monitoring factors include OPEC+ supply decisions, global political shifts, and U.S. inventory reports, which could drive volatility.
