Market rebounds
WTI crude climbed to $60.21 per barrel Monday, up 0.77% on the day. The move puts US oil back above the $60 threshold it broke through last Wednesday.
Brent crude followed, gaining 0.65% to $64.78. Both benchmarks traded near session highs in afternoon trading.
What changed
Last week looked grim for oil bulls. WTI slid nearly 3% on January 15, breaking below $60 for the first time this year. Traders blamed easing Middle East tensions and persistent oversupply fears.
The mood shifted over the long weekend. Three factors drove the turnaround:
- Renewed focus on Iran sanctions under the incoming Trump administration
- Strong Chinese import data showing record 2025 demand at 11.55 million barrels per day
- Technical buying after prices held support near $58.50
Key levels to watch
WTI traded between $58.53 and $60.51 today. The week's range sits at $58.48 to $62.16.
For Brent, today's range was $63.26 to $65.12. The $65 level marks the next resistance.
What's next
The February 1 OPEC+ meeting looms. Eight key producers will assess whether to maintain current production targets through Q1.
Trump's energy agenda also takes center stage. His $50 per barrel target remains at odds with US shale economics-Permian breakeven costs hover around $62-64 according to Dallas Fed surveys.