WTI gains momentum above $57.50 amid increasing geopolitical tensions

WTI (West Texas Intermediate) crude oil is trading around $57.85, gaining momentum as it moves above the key psychological level of $57.50. The ongoing lack of progress toward a peace agreement in Ukraine, coupled with rising geopolitical tensions, has led investors to react cautiously in the oil market. The geopolitical risks raise supply concerns, particularly as possible production restrictions and economic sanctions could impact supply levels. Market participants speculate on the potential for continued bullish momentum in the short term. Technically, maintaining above $57.50 will be crucial, opening the door for further upward movement, though the fluid geopolitical situation necessitates careful monitoring.