WTIUSD

Concerns over supply security and geopolitical developments continue to dictate the market direction for crude oil prices. Strong trade data from China has supported expectations regarding the global demand outlook, bolstering upward pricing in energy markets. However, ongoing tensions in the Middle East are causing supply-side risk perceptions to remain elevated. The US oil inventory data, to be released later in the day, is among the developments that could increase market volatility. From a technical perspective, while the uptrend is expected to be maintained, pullbacks are anticipated to remain limited.