WTI Oil Extends Gains but Faces Resistance Near $62.00

WTI Oil Extends Gains but Faces Resistance Near $62.00

WTI crude oil prices continued to rise on Tuesday, supported by improved market sentiment as UK and US markets reopened following a long weekend. Prices are currently trading just below the $62.00 mark, a level that has acted as a key resistance point in recent sessions.

The recovery in oil prices comes amid a temporary lift in global sentiment after US President Donald Trump delayed the imposition of tariffs on European goods. The move helped ease investor concerns about a sharp slowdown in global growth, which would have weighed heavily on energy demand.

Despite the short-term boost, analysts warn the rally may be short-lived. Technical charts show no clear directional bias, with prices trapped within a narrow $3.5 range. Market expectations of rising oil supplies—particularly from non-OPEC producers—are keeping a lid on further gains.

In a recent report, Goldman Sachs projected that increased output from non-OPEC countries will lead to a gradual decline in WTI prices, potentially reaching as low as $52 per barrel by 2026. This reinforces the outlook that oversupply remains a significant headwind for oil markets, despite occasional relief rallies.

For now, traders are watching whether WTI can break convincingly above $62.00 or whether renewed pressure will trigger another pullback within the established range.