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West Texas Intermediate (WTI) crude oil extended its two-day winning streak, trading near $98.20 during Asian hours on Friday. Technical analysis of the daily chart shows the price remains within an ascending triangle pattern, reinforcing a bullish primary trend. The pattern's upper boundary near $98.50 is seen as a potential resistance level, with a breakout likely to confirm the continuation of the upward trajectory.
The bullish bias in crude oil markets reflects growing demand expectations amid a recovering global economy and production constraints in key OPEC+ regions. Traders are closely monitoring technical indicators and geopolitical developments, such as Middle East tensions and U.S. inventory reports, which could amplify price volatility. A sustained move above $98.50 would signal stronger conviction in the upward trend, attracting both speculative and institutional buyers.
For Gulf investors, the current WTI dynamics highlight the importance of tracking technical patterns and macroeconomic data. The region's energy-dependent economies may benefit from higher oil prices, but traders should remain cautious about potential oversupply risks from U.S. shale production or unexpected OPEC+ policy shifts. Key watchpoints include the $98.50 resistance and the 50-day moving average as critical support.
