WTI Oil Struggles to Break Above $65 Amid OPEC+ Supply Hike Speculation

WTI Oil Struggles to Break Above $65 Amid OPEC+ Supply Hike Speculation

Oil Prices Hover Near $65 Following Last Week’s Decline

WTI crude oil prices are recovering from two-week lows but remain roughly $12 below last Monday’s highs. Despite modest intraday gains, oil trades near the $65.00 level, unable to break through resistance around $66.00.

OPEC+ Supply Hike Expectations Cap Price Gains

Market sentiment remains cautious ahead of a likely fourth consecutive monthly production increase by OPEC+ members in August. This supply outlook, combined with easing tensions in the Middle East, is creating bearish pressure that limits upward momentum.

Middle East Peace Eases Geopolitical Risk Premium

Recent developments towards peace in the Middle East have reduced the geopolitical risk premium historically supporting crude prices. This shift contributes to the current trading range-bound behavior of WTI crude.

Internal Linking Suggestions:

• WTI Price Update and OPEC+ Production Forecast
• Impact of Middle East Tensions on Oil Markets
• Weekly Crude Oil Market Analysis