Oil Prices Rebound from Multi-Month Lows as US Dollar Pulls Back

Key Facts

Amid heightened volatility in energy markets, crude oil prices staged a technical rebound after hitting their lowest levels in several months. According to reports, oil markets gained ground primarily supported by a pullback in the American currency against other major peers. This weakening of the US Dollar helped alleviate pressure on crude prices, driving both WTI and Brent contracts higher as dollar-denominated commodities became cheaper for foreign holders.

This recovery coincides with mixed economic signals from major global economies. Per market data, the US Goods Trade Balance reported a deficit of $105.8 billion on June 26, 2026. Meanwhile, China's Manufacturing PMI reached 50.3 on June 30, 2026, surpassing the forecast of 50.1, which has provided some optimism regarding demand stability in the world's largest crude importer.

Traders should monitor current price levels closely as the market awaits upcoming US inventory data and OPEC reports. Based on the economic calendar, future speeches from Federal Reserve officials could influence the dollar's trajectory and, consequently, oil price action. The technical outlook remains tied to the market's ability to hold the support levels established during the July 2, 2026 session to sustain this upward momentum.