West Texas Intermediate (WTI) crude oil extended its modest advance on Thursday, gaining traction in early European hours. At the time of writing, WTI trades around $58.46 per barrel, slightly higher than Wednesday’s close of $58.43. Meanwhile, Brent crude also ticked higher, rising to $62.54 from the previous session’s close of $62.52.
Oil prices supported by improving sentiment
The uptick in oil prices reflects improving market sentiment amid easing macroeconomic uncertainty following the end of the United States (US) government shutdown. Broader risk appetite has improved, with investors rotating back into cyclical assets such as energy, while expectations of further Federal Reserve (Fed) rate cuts continue to lend support to commodities.
Technical outlook: WTI maintains short-term bullish bias
From a technical perspective, WTI remains underpinned by a short-term bullish structure, trading above key intraday moving averages. A sustained move above the $58.50–$58.70 zone could open the door for further upside toward $59.20, followed by the $60.00 psychological level.
On the downside, initial support is seen near $58.00, followed by a stronger floor around $57.40. A break below this area would likely trigger a short-term correction toward $56.80.
Overall, oil prices appear set to maintain a mildly bullish tone through the European session, supported by stabilizing sentiment and expectations of steady global demand.
