Wti futures price currently trades at $78

WTI futures price currently trades at $78.93, showing resilience despite a firmer dollar. Macro sentiment is guided by global growth data, while options flow points to bullish bets targeting $81 by month-end. In September, increasing OPEC+ production and U.S. energy policy supporting more fossil fuel production led WTI and Brent futures prices being slightly lower. However, continued geopolitical tensions tempered the bearish sentiment in the crude oil futures market. The failed December to May seasonal rally was another sign of weakness in the June crude oil contract. MRCI research has revealed that for the past 30 years, crude oil has experienced a significant seasonal low in December, and prices rallied into early May. The pattern results from refiners needing to acquire crude oil to meet the demand for gasoline in the upcoming summer driving season, which begins near the end of May. Crude oil usually sees a significant selloff when this pattern fails, as it did this year. WTI futures price climbed 0.42% to $79.12 in responsive buying following reports of stronger summer gasoline demand. Market sentiment is mixed, with technical indicators suggesting a potential breakout if volume sustains above the $79 pivot.