WTI Crude Oil futures experienced a volatile week, ultimately closing higher on a week-over-week basis despite a late-session pullback. While prices settled around 102.00—down nearly $5.00 from an intra-week high of 106.88—the energy complex remains supported by broader strength. Brent and RBOB Gasoline futures both surged to four-year highs during the period, highlighting a dispersion across the oil markets. Key factors influencing current sentiment include ongoing negotiations in the Middle East and potential changes to the OPEC+ production structure. Market participants are adopting a wait-and-see approach as these geopolitical and structural developments unfold. Technically, WTI Crude Oil futures appear to have established a short-term lower high relative to early April peaks. Dan Deming explores the technical levels and fundamental drivers shaping the energy market's direction.
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