Crude Oil Prices Advance: WTI Rises to $73.52 at European Market Open

Crude Oil Prices Advance: WTI Rises to $73.52 at European Market Open

Crude oil prices rose early Thursday in the European session, extending a short-term bullish trend supported by market optimism and ongoing geopolitical developments.

WTI and Brent Gain on Market Momentum

• West Texas Intermediate (WTI) is now trading at $73.52 per barrel, up from Wednesday’s close of $72.94.
• Brent crude also gained traction, rising from $75.08 to $75.51.

The steady climb in both benchmarks reflects improved sentiment, likely influenced by concerns over supply disruptions amid geopolitical tensions in the Middle East and stronger-than-expected inventory drawdowns.

Explore related: WTI Rises on Israel-Iran Conflict and US Inventory Drop

What’s Driving the Price Up?

Geopolitical risks: Fears of broader conflict in the Middle East are keeping oil traders cautious and lifting prices.

Supply-side support: The latest data from the EIA reported the largest weekly inventory draw in a year, fueling supply concerns.

Market structure: Technical charts suggest bullish continuation if current resistance zones are broken in the near term.

Key Levels to Watch

• WTI support: $72.50
• WTI resistance: $74.00
• Brent resistance: $76.00
• Short-term outlook: Bullish while above recent session lows

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