WTI Bounces Near $70 as Middle East Headlines Dominate

The market remains headline-driven. U.S. crude inventories have drawn down in recent weeks, according to EIA data, tightening supply balances. Demand concerns still cap gains.

Support at $70 in WTI has held on multiple tests over the past month. A break below that level would likely open a move toward $68, traders said. To the upside, the $75 area marks the next resistance.

Brent settled at $84.60. WTI ended the session at $70.45. Both contracts remain within the bands that have contained them for weeks, waiting for a fresh catalyst.