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macroJun 25, 2026, 5:32 PM

WTI Crude Oil Rebounds Above $71.50 Amid Short Covering

West Texas Intermediate crude oil rose more than 2% on Thursday, trading near $71.50, as short covering lifted prices after a three-day losing streak. Traders are monitoring fresh developments in the Strait of Hormuz.

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West Texas Intermediate (WTI) crude oil edged higher on Thursday, snapping a three-day losing streak. The rebound was driven by short covering following a selloff that pushed prices to a more than three-month low. At the time of writing, WTI was trading around $71.50, up more than 2% on the day.

The price move comes as market participants keep a close watch on developments in the Strait of Hormuz, a critical chokepoint for global oil shipments. Any disruption in the region could further impact supply dynamics and influence crude prices in the near term.

Source: FXStreet Forex News