The X Empire token price predictionUS benchmark West Texas Intermediate (WTI) crude futures showed marginal gains during Monday's trading session, hovering near the $65 per barrel threshold.
Current WTI valuations reflect approximately $12 depreciation from last Monday's peak levels, with market sentiment dampened by de-escalating Middle East conflicts and expectations of additional OPEC+ supply entering the market next month.
Last week witnessed WTI experiencing its most significant weekly decline since early 2023, with prices dropping over 12% across five trading sessions.
While Israeli-Iranian tensions initially drove substantial price spikes, subsequent ceasefire announcements substantially reduced the geopolitical risk premium previously baked into crude valuations.
Recent options market data indicates traders currently assign only a 4% probability to potential supply disruptions, suggesting limited upside potential for WTI in the immediate future. Market participants appear to be establishing price expectations within a relatively narrow $60-$69 per barrel corridor for coming months.
Energy market specialists observe that the removal of geopolitical risk factors has fundamentally altered the pricing equation for crude contracts. The anticipated August production boost from OPEC+ members - projected at 411,000 additional barrels per day - represents a continuation of the gradual supply increases implemented since April.
The upcoming July 6 OPEC+ ministerial meeting will mark the fifth consecutive month of coordinated production adjustments as the alliance continues its measured approach to restoring pre-cut output levels.
Potentially offsetting these bearish factors, positive economic indicators from China - the world's second-largest hydrocarbon consumer - may provide some support for global crude benchmarks. June's manufacturing PMI reading of 49.7 (up from 49.5) and non-manufacturing PMI at 50.5 (versus 50.3 previously) both met or exceeded market expectations.
