WTI crude rises on stronger demand, falling inventories, and geopolitical uncertainty

WTI crude oil prices climbed to a one-week high on Thursday, extending early signs of stabilization and potential reversal after a recent slide from the late-July peak near 70.50 found temporary support around 61.50.

The move was supported by expectations of stronger US demand, a sharper-than-expected decline in US crude inventories, and persistent uncertainty surrounding peace negotiations over Ukraine.

Despite the rebound, the recovery remains at an early stage, with further upside momentum required to confirm a clearer shift in trend.

Prices have moved above the 10-day moving average at 62.91 and are testing the initial Fibonacci resistance at 63.58. A sustained break here would improve the near-term outlook and open the way for a push toward the 64.25–64.90 area, which is reinforced by the 100-day and 20-day moving averages as well as a 38.2% retracement level.

The broader technical picture on the daily chart, however, remains predominantly bearish. Failure to decisively clear the 65.00 resistance area would risk stalling the current recovery.

If bulls succeed, a sustained break above 65.00 would shift attention to the 66.00 and 67.00 levels, corresponding to the 50% and 61.8% Fibonacci retracements.

On the fundamental side, traders remain focused on Ukraine peace talks. Prolonged negotiations without a breakthrough are likely to support prices, while any concrete progress toward a settlement could add renewed downward pressure on crude.

Res: 63.58; 64.00; 64.25; 64.90
Sup: 62.91; 62.58; 61.82; 61.44