WTI Holds Near $79 After Bearish Gap on Peace Talks, OPEC+ Output Expansion
West Texas Intermediate crude recovered from an initial bearish gap to trade around $79.30, still nursing a nearly 7% decline, as Middle East peace talks and a planned OPEC+ output boost loom.
WTI crude oil prices edged higher on Monday after an initial bearish gap, but remained under pressure, hovering around $79.30 per barrel in Asian trading. The contract is still nursing a nearly 7% decline, extending losses from the prior week.
The downbeat tone reflects expectations of easing geopolitical supply risks amid Israel-Hamas ceasefire talks, alongside reports that OPEC+ members are preparing to unwind additional voluntary production cuts starting in October.
Market participants are watching for updates from both diplomatic channels and the producer group’s next steps, which could keep crude volatile near the $80 mark.
Source: FXStreet Forex News