WTI Crude Oil Prices Rise Amid Supply Concerns

International crude oil prices increased, with U.S. WTI crude recording its first gain since late November. The market is assessing future supply and demand dynamics. February Brent crude futures rose by $1.08, or 1.47%, to $74.49 per barrel. January WTI crude futures increased by $1.27, or 1.81%, to $71.29 per barrel, marking the highest since November 7. WTI crude surged over 6.08% this week.

Analysts suggest potential supply tightness due to possible sanctions on Iran and Russia. However, there is also a risk of oversupply in the international market. IG market strategist Yeap Jun Rong noted that WTI crude has stabilized at the key technical level of $71, but confidence in a stronger price recovery remains low.

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