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West Texas Intermediate (WTI) Crude Oil climbed to $68.65 per barrel on July 9, 2025, gaining 0.47% as escalating Houthi rebel attacks in the Red Sea bolstered prices, overshadowing a significant build in U.S. stockpiles. Geopolitical risks continue to drive a risk premium, countering increased supply from OPEC+ and a bearish inventory report.
The U.S. Energy Information Administration (EIA) reported an unexpected 7.07 million barrel increase in U.S. crude inventories last week, defying forecasts of a 2 million barrel drawdown. This initially triggered a dip in WTI prices, but the recovery was swift, with prices holding above the 50% Fibonacci retracement level at $67.08, a key support zone. WTI now eyes resistance at the 200-day moving average near $69.00.
Houthi attacks intensified over the weekend, sinking the Greek-owned Magic Seas on Sunday and the Liberian-flagged Eternity C by Wednesday, with several crew members killed or missing. These disruptions in the Red Sea, a critical shipping route, have heightened market concerns, supporting higher oil prices despite OPEC+’s decision to boost output by 548,000 barrels per day in August, following a 1.37 million barrel per day increase from April to July.
Market sentiment remains mixed. Bullish traders point to the 3.26% gain over the past five days and technical support levels, while bearish voices, citing equal lows and a stronger U.S. dollar, predict potential declines to $65.00 or lower. With a trading volume of 155.53K and prices 4.69% higher over the past month, WTI’s trajectory hinges on Middle East developments and global demand cues.
