Oil: WTI holding steady over 62.00 after slipping on Monday

Middle East tensions help crude bounce back from trade war fears tumble.
American oversupply continues to cap potential gains for oil.

Joshua Gibson FXStreet

Crude oil took a quick dive in Monday's trading to follow equities lower as trade war threats continue to hamper market-wide sentiment. WTI fell to 61.34 yesterday, but has steadily recovered and is now holding just above 62.30.

Trade tensions, excess supply keeping oil down

Trump's tariffs are beginning to spiral out of control, and the impending threat of retaliation from major trading partners is beginning to cast a pallor over risk-based assets including oil, but WTI was bolstered higher following yesterday's tumble as demand continues to strengthen, as well as ongoing tensions between Saudi Arabia and Iran, with Saudi Arabia reiterating on Friday that they would push to develop nuclear weapons if Iran does so as well.

Oversupply continues to cap oil gains looking into the future, as the US reopened drilling rigs that were closed recently, and the glut of American oil continues to power through the OPEC's attempt to curb supply in the global markets.

WTI Levels to watch

WTI crude remains capped under a declining trendline, and resistance is piling up from March's high of 63.25 and February's swing high of 64.21, while support is holding steady from the 60.00 major psychological level and February's low of 58.11.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD gathers traction, approaches 1.1800

EUR/USD manages to reverse Tuesday’s pullback, advancing to two-day highs near the 1.1800 hurdle in the latter part of Wednesday’s session. The pair’s decent uptick comes on the back of the modest retracement in the US Dollar, as investors continue to closely follow developments on the trade front and news from the White House in the wake of President Trump’s SOTU speech.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

Crypto Today: Bitcoin, Ethereum, XRP test rebound strength as ETF inflows return

Bitcoin, Ethereum and Ripple are gaining traction at the time of writing on Wednesday, amid persistent market doldrums. The Crypto King is up over 2% intraday, trading above $65,000 from the day’s opening of $64,058.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.