Over the past 24 to 48 hours, WTI crude oil prices have held steady around the $63 mark, continuing a relatively stable trend. Using the closing price on February 16 of $63.56 as a reference, the oil market saw no major shocks but was shaped by several key factors that kept investors on high alert.

The main driver behind recent price movements is the upcoming crucial U.S.-Iran negotiations in Washington. Investors are closely watching these talks, which hold the potential to reshape global supply dynamics and risk premiums. Meanwhile, revised U.S. jobs data and fresh inflation signals have put some pressure on demand outlooks, maintaining a cautious tone between demand concerns and geopolitical risk.

In addition, the energy sector ETF (XLE) has surged 21.6% year-to-date, reflecting investor confidence that oil majors are adapting well to the current $64 crude price environment. Despite a pullback in speculative long positions, the overall supply-demand balance remains intact, supporting key price levels.

For the average investor, these recent stable WTI price levels signal a resilient market able to absorb geopolitical uncertainties and fluctuating economic data. Going forward, the outcomes of the U.S.-Iran talks and continued U.S. economic data releases will be pivotal in shaping oil price trends. Staying alert to these events is essential for making informed investment decisions in this sector.

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