WTI Crude Oil rises above $60 to a new weekly high

WTI Crude Oil extended its gains a nears $61, a 3% rise on the day and the highest this week.
A favorable market mood in Wall Street supports higher prices

Yohay Elam FXStreet

The price of WTI Crude Oil extends its gains and has reached a high of $60.83 in the American afternoon. It has surpassed the rate that was seen on Monday. Prices of oil have been rising alongside US stocks and as the VIX volatility index drops to the lower ground, implying a calmer market mood ahead.

This is a sharp turnaround from the early hours of the US session. The inflation report came out above expectations, at 1.8% on core CPI and 2.1% on headline CPI. Higher inflation implies a quicker rise in interest rates. The initial reaction was adverse for the price of oil, and it reached a low of $58.20.

Oil is moving higher alongside share prices and also as the weekly report of crude oil inventories showed a build of 1.8 million barrels, below a rise of 2.8 that was expected.

Tomorrow, the economic calendar features the Producer Price Index which will provide further information about inflation. In addition, the US publishes the New York and Philadelphia manufacturing indices as well as the weekly jobless claims report.

Levels to watch on WTI Crude Oil

The $60.83 level is the next cap. Further above, $62.07 served as resistance last week and is the next level to watch. On the downside, the round level of $60.00 provides support. It is followed by the low of $59.20 and then by $58.20, the low point mentioned earlier.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

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.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

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.