WTI oil drops to $83.30 despite weaker U.S. data; natural gas climbs 0.70%, suggesting bullish momentum.
Oil markets are moving towards multi-week highs.
Oil traders take some profits off the table near multi-week highs.
West Texas Intermediate (WTI) crude oil jumped more than 2% to an eight-week high on Monday amid expectations of improving demand over the summer travel months and growing concerns that a regional expansion of the Middle East conflict could cause disruption to global oil supplies.
Natural gas dips to $2.46 while WTI nears $83.50, prompting analysts to warn of possible market correction driven by rate cut speculation and storm threats.
Oil prices are supported by strong demand during the summer driving season.
Brent oil surged 6% in June, staying above $85 per barrel, while WTI traded at $81.85, driven by summer demand and OPEC+ cuts.
U.S. natural gas, hovering near $2.625, faces potential declines if production increases and temperatures moderate.
WTI crude oil prices rose on Thursday, driven by escalating tensions between Israel and Hezbollah, which overshadowed soft U.S. gasoline demand.
With WTI poised to trade bullish, the upward trendline support near $80.20 indicates potential for further gains in oil prices.
Natural Gas' bearish trend indicates a challenging market environment, with oversupply concerns dominating trader sentiment.
Oil prices rise despite increased U.S. stockpiles, driven by Middle East risks and Q3 demand forecasts.