Crude Oil Prices Rise: WTI and Brent Extend Gains at European Open

Crude Oil Prices Rise: WTI and Brent Extend Gains at European Open

West Texas Intermediate (WTI) crude oil prices edged higher at the start of the European session on Wednesday, continuing bullish momentum from the previous day. WTI is currently trading at $65.09 per barrel, up from Tuesday’s closing level of $64.72.

Brent Crude Also Rises Above $67

The Brent Crude Oil price, the global benchmark, also showed strength early Wednesday. Brent rose from $66.87 on Tuesday to trade around $67.23, supported by broader market optimism and lower geopolitical risk in the Middle East.

Market Sentiment Supports Energy Commodities

The gains in oil come amid easing tensions between Israel and Iran, helping reduce concerns over major supply disruptions. This risk-on sentiment has also supported other commodities and resource-linked currencies.

Key Price Levels:

• WTI crude oil: $65.09 (current), up from $64.72 (previous close)
• Brent crude oil: $67.23 (current), up from $66.87 (previous close)

Outlook Ahead

With crude oil prices recovering this week, investors will closely monitor:

• US inventory reports
• OPEC+ production guidance
• Developments in Iran-Israel ceasefire enforcement

Related Articles on Tredu.com:

• Israel-Iran Ceasefire Boosts Global Market Sentiment
• WTI Crude Forecast: Price Outlook After API Inventory Draw
• Commodities Outlook for Q3: What to Expect From Energy Markets