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Dogecoin West Texas Intermediate (WTI) US Oil price rises to $60.50 per barrel on Friday, up 0.65% on the day, extending its rebound after two sessions of subdued trading.
💡 DMK Insight
WTI crude oil’s rise to $60.50 signals potential bullish momentum, but traders should tread carefully. After a couple of lackluster sessions, this uptick might indicate a shift in sentiment, especially with ongoing geopolitical tensions and supply chain concerns. If WTI can hold above the $60 mark, it could attract more buying interest, potentially pushing it towards resistance levels around $62.50. However, keep an eye on broader market indicators like the US dollar strength and OPEC+ production decisions, as these could quickly reverse any gains. The flip side is that if the price falters below $60, we might see a quick sell-off, especially from short-term traders looking to capitalize on volatility. Watch for the next few daily closes to gauge whether this rally has legs or if it’s just a temporary bounce.
📮 Takeaway
Monitor WTI’s ability to maintain above $60; a failure to hold could trigger selling pressure, while a sustained rise might push it toward $62.50.
