Oil Analysis for Today, Monday, August 17, 2026

Crude oil prices are showing a notable rise today, Monday; Brent crude is hovering near the $88.80–$89.20 per barrel range, while West Texas Intermediate (WTI) is trading between $82.40 and $82.80 per barrel.

Market Drivers

Geopolitical tensions and supply concerns: Supply-demand dynamics and ongoing geopolitical concerns are providing upward momentum to prices and supporting buying activity in the near term.

Demand Forecasts and Crude Inventories: Markets are monitoring inventory data as well as forecasts from OPEC and the International Energy Agency regarding global consumption levels for the third quarter of the year.

Expected Trading Scenarios:

Bullish Scenario (Most Likely): Brent crude stabilizing above the $88.00 level and breaking the $89.40 barrier would pave the way for further gains, targeting $90.50 followed by $91.50.

Bearish Scenario (Corrective): A sustained break below the $87.80 support level could push prices toward a temporary decline to $86.50, retesting key support levels before the upward trend resumes.