WTI crude oil is up 4% on the day to $61.75 and is nearly up 8% on the week now, as prices are showing a resurgence after having hit its lowest since May on Monday. This comes after the US announced sanctions against Russia's two largest oil companies and the EU also announcing sanctions against two independent Chinese oil refineries, which have heavily contributed in helping Russia to circumvent previous sanctions.
WTI crude oil daily chart ($/bbl)
That's all helping to see oil produce a strong rebound this week, with WTI crude oil now trading up to its highest in two weeks. In the bigger picture, the 100 (red line) and 200-day (blue line) moving averages will remain key ceilings for the price momentum to shake off the bearish momentum so far in 2H 2025.
