WTI regains positive traction on Monday and stalls its corrective slide from a two-month top.
Forecasts of a peak summer fuel demand and OPEC cuts in the third quarter lend support.
September Fed rate cut bets undermine the USD and further seem to benefit the commodity.
West Texas Intermediate (WTI) US crude Oil prices attract some dip-buyers on the first day of a new week and remain well within the striking distance of a two-month peak touched on Friday. The commodity, however, seems confined in a familiar range held over the past two weeks or so and currently trades around mid-$81.00s, up over 0.50% for the day.
Persistent geopolitical risks stemming from the ongoing conflicts in the Middle East and Ukrainian attacks on Russian refineries continue to fuel concerns about supply disruptions from the key Oil producing countries. Furthermore, expectations of a peak summer fuel consumption and OPEC cuts in the third quarter could lead to a global oil market supply deficit, which, in turn, is seen as a key factor acting as a tailwind for Crude Oil prices
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