WTI PRICE ANALYSIS: CONSOLIDATES ABOVE MID-$82.00S, BULLISH POTENTIAL SEEMS INTACT
- WTI struggles to gain any meaningful traction, though the bias seems tilted in favor of bulls.
- Escalating geopolitical tensions fuels supply concerns and acts as a tailwind for the commodity.
- The technical setup also suggests that the path of least resistance for Oil prices is to the upside.
West Texas Intermediate (WTI) US crude Oil prices lack any firm intraday direction on Wednesday and oscillate in a narrow band during the Asian session. The commodity currently trades around the $82.65-$82.70 region, nearly unchanged for the day and remains well within striking distance of its highest level since April 26 touched the previous day.
Investors remain concerned that a wider conflict in the Middle East could disrupt supplies from the key Oil-producing countries. This, along with A very strong start to the hurricane season in the US, turn out to be a key factor acting as a tailwind for the black liquid. That said, concerns over a slowdown in global economic growth might hold back bulls from placing fresh bets and cap the upside for Crude Oil prices.
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