WTI Crude Breaks Key $62 Barrier Amid Strong Momentum
Global oil markets gained fresh upward momentum as WTI crude surged past the critical $62 per barrel level, rising 1.47% during intraday trading. This move signals a strengthening bullish sentiment among market participants.
Key Drivers Behind the Price Rally
- High compliance with production cuts among major oil exporters
- Improving global economic outlook boosting demand forecasts
- Escalating geopolitical risks threatening supply stability
- Weaker US dollar enhancing commodity appeal
Technically, WTI has held above key moving averages, with MACD showing a bullish crossover, suggesting further upside potential. Traders await the upcoming EIA inventory report for clearer direction.