WTI advances above $57.50 due to potential supply concerns

WTI oil prices are gaining traction, climbing to nearly $57.70 during European trading hours on Friday. This rise is mainly attributed to potential supply concerns arising from escalating geopolitical tensions. The oil market has been influenced by deteriorating relations between the U.S. and Middle Eastern countries, which disrupt the supply chain. The price level of $57.50 may act as a strong resistance in the short term, but if supply-demand dynamics shift further, additional gains could be anticipated. Traders should closely monitor further developments relating to geopolitical factors and inventory data, as the recent rises indicate tighter supply and potential for more upward movement, though risks also remain prevalent.