WTI crude settled at $95.35/bbl on June 3 — a 9.1% recovery from the May 29 low of $87.36 and the third consecutive daily gain. The rally from a three-month low reflects renewed geopolitical risk premium, short-covering, and technical buying near the $86-87 support zone. Year-to-date, WTI has averaged $89.38/bbl, up 39% from the 2025 average of $64.12, driven by the March supply shock when prices surged from $67 to $119 intraday. The market remains in backwardation, signaling physical tightness. OPEC+ meets this month — the next key catalyst.
Sign in with a Pro plan to view the full intelligence report.