- Crude oil rises more than 2.5% on Monday, quoting about $ 62.60 after an early jump in the session at $ 63.25.
- The WTI remains below the 50 -day EMA at $ 62.70, which has limited the rise since mid -May.
- The technical indicators suggest an improvement in the impulse, but confirmation is needed for a breakout breakout.
The West Texas Intermediate (WTI) crude oil advances on Monday, starting the week with a firmer foot, since an American dollar (USD) weaker and the persistent geopolitical tensions between Russia and Ukraine continue to support the feeling of the market.
At the time of writing, the WTI quote about $ 62.60, climbing more than 2.5% in the day, after rising up to 4% during the first part of the session on Monday. In spite of the strong intra -ease rally, prices remain limited just below the 50 -day exponential mobile average (EMA) at $ 62.70 – a key resistance zone that has limited the ups and attempts since mid -May.
The last impulse in prices occurs even when the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEP+, confirmed on Saturday a production increase of 411,000 barrels per day (BPD) for July, marking the third consecutive monthly increase in that size. This movement had been widely anticipated by the markets, with traders pointing out that the increase was already discounted.
According to a Reuters report, sources close to the group’s discussions said it had been considered a greater increase. “If they had opted for a major surprise amount, then the prices opening on Monday would have been quite ugly,” said Harry Tchilinguirian, an Onetx Capital Group analyst.
From a technical point of view, the WTI shows early signs of bullish impulse, but a decisive breakout has not yet materialized. He is trying to get out of a consolidation range that has limited the price action since mid -May. After multiple failed attempts to exceed the level of psychological support of $ 60, prices have bounced sharply, with bulls now testing the upper limit about $ 62.70. The short -term structure is tilted positively, although a clear breakdown above the 50 -day EMA remains crucial for a greater rising impulse.
At the time of writing, the WTI quote around $ 62.50, staying just below the 50 -day EMA. A daily closure above this level would probably open the door for a continuation towards the next key resistance around $ 65.50 – a level that has limited profits since mid -April. On the other hand, a rejection from the current levels could invite to a renewed selling pressure, especially if the macroeconomic feeling becomes adverse to risk. A rejection in the 50 -day EMA could trigger the benefits between the short -term traders and reinforce the broader consolidation pattern, dragging the prices again towards the support zone of 60.00 $. A sustained movement below could expose a greater decrease towards $ 58.00.
The impulse indicators are showing signs of recovery, but the conviction remains limited. The relative force index (RSI) has risen towards the midline, currently located about 54.20, suggesting a neutral impulse to Alcista. Meanwhile, the indicator of convergence/divergence of mobile socks (MACD) flirts with a bullish crossing, although the histogram remains superficial, suggesting a cautious change in the feeling instead of a confirmed trend reversion.
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.