Oil prices continue to consolidate at elevated levels, maintaining support above $63. West Texas Intermediate (WTI) crude carries a persistent risk premium, even as the second round of U.S.-Iran talks shows advancement.
Market Overview
U.S. markets remain closed today for Presidents’ Day, leading to reduced trading volumes and lower volatility. WTI crude stays in sharp focus among traders, rising 1.40% and firmly holding above $63 as the week begins.
Technical Analysis
WTI exhibits strength in a high-range consolidation pattern. The commodity’s elevated positioning reflects ongoing geopolitical tensions, sustaining the risk premium despite diplomatic progress between the U.S. and Iran.
