West Texas Intermediate (WTI) crude oil prices started the week on a positive note, recovering some losses after recently hitting their highest level since May 21. This rebound signals a partial reversal of the previous decline that followed the peak.
According to FX Street, WTI maintains a bullish bias as it stays above the mid-$98.00s price range and the important 61.8% Fibonacci retracement level. These technical markers suggest that the commodity could sustain upward momentum in the near term.
For Japanese investors, the movement in WTI prices remains significant given Japan's reliance on energy imports and the impact of crude oil fluctuations on the broader equities and currency markets. Monitoring these levels will be key for market participants in Tokyo this week.