WTI extend opening gains amid fears of further energy supply risks
West Texas Intermediate (WTI), futures on NYMEX, extends its opening gains in the European trading session on Monday, trading almost 3% higher slightly above $99.50.
West Texas Intermediate (WTI) oil prices surged nearly 3% in early European trading on Monday, trading above $99.50. The rise came as a major Saudi pipeline was shut down following attacks, and Iran postponed talks with Gulf states on a temporary shipping corridor. These developments fueled concerns about energy supply risks, according to analysts at Deutsche Bank.
WTI, a benchmark US crude oil grade, has been trading strongly above the 20-day exponential moving average ($89.92), indicating firm demand. Technical analysis suggests the rally may be maturing despite ongoing upward momentum. Meanwhile, the Australian dollar dipped near the 0.7140 level during Asian trade, while the US dollar gained strength against the Japanese yen.
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