WTI Crude Oil is bouncing
WTI Crude Oil is bouncing from the 50-day moving average support area, with the price potentially preparing for a breakout from a triangle formation that has been developing since March 2026.
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The bullish setup is supported by rising war insurance premiums for vessels in the Hormuz Strait, ongoing tensions between the US and Iran, and signs of tightening supply conditions. US crude oil inventories have continued to show negative momentum in recent weeks, reinforcing concerns about shortages in the market.
At the same time, the US Energy Information Administration projects a potential move toward the 115 area before a larger correction develops.
This week, traders will closely monitor US inflation data, including CPI on Tuesday and PPI alongside crude oil inventory data on Wednesday, which could become major catalysts for volatility in energy markets.
Trading is risky.
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Read EXNESS Broker Review May 13, 2026 at 07:28PM Exness
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