WTI rebounds on Russian depot strike, US sanctions despite oversupply fears

💡 DMK Insight

WTI oil’s recent rise to $59.50 signals potential bullish momentum, but traders should tread carefully. The 1.60% increase today, peaking at $60.47, suggests a short-term rally, possibly driven by supply concerns or geopolitical tensions. However, this level is crucial; if WTI can maintain above $60, it could attract more buyers, but a failure to hold might trigger profit-taking. Look for resistance around $62, which has historically been a tough barrier. On the flip side, if prices drop below $58, it could signal a bearish reversal, prompting a reevaluation of long positions. Keep an eye on inventory reports and OPEC news, as these could impact sentiment and volatility significantly in the coming days.