The price of West Texas Intermediate crude showed a slight rebound driven by short-covering, despite declining demand projections from OPEC and a strengthening U.S. dollar.
WTI traded near $67 per barrel but managed to stabilize around $68, indicating market resilience against reduced global demand and upheaval in supply projections.
Geopolitics notably contribute to the WTI market's dynamics, particularly with Russian and Saudi leaders stressing the importance of OPEC+ coordination amid Middle East instability.
The U.S. energy sector's projected daily production rate reaching 13.23 million barrels introduces more supply pressure, contrasting against OPEC's lower demand forecasts.
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