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WTI climbs back above $89 as supply concerns ease
WTI is still near a four-week low, with supportive Middle East geopolitics offset by resilient regional exports and a G7 emergency stockpile release.
WTI edged higher in the Asian session on Tuesday, reclaiming the $89.00 level and snapping a two-day winning streak, according to FXStreet.
Even with the bounce, the benchmark was still trading close to a four-week low touched last Friday, as fundamentals were mixed.
FXStreet cited a geopolitics-driven risk premium supporting prices, but noted that resilient Middle Eastern crude exports and a G7 emergency stockpile release have eased supply concerns and may limit upside.
On the technical side, the outlet said WTI appears to have been accepted below the 200-period simple moving average on the four-hour chart, while signals like MACD and RSI pointed to subdued, consolidative momentum rather than a decisive move.
Latest closeWTI crude $89.70 ▼1.6%