WTI attracts some sellers on Friday and reverses a part of the previous day’s move up.
Geopolitical tensions and forecasts of a peak summer fuel demand could lend support.
Traders now look to the US NFP for short-term opportunities on the last day of the week.
West Texas Intermediate (WTI) US crude Oil prices tick lower during the Asian session on Friday and for now, seem to have snapped a two-day winning streak, albeit lack follow-through selling. The commodity currently trades around the $83.20-$83.15 region and remains well within the striking distance of its highest level since April 26 touched on Tuesday.
The recent data showed that members of the Organization of Petroleum Exporting Countries had increased production in June for a second consecutive month. This points a less tight Oil markets in the coming months, which, in turn, is holding back bulls from placing fresh bets and weighing on the black liquid. That said, concerns about persistent supply disruptions in the Middle East should act as a tailwind for Crude Oil prices and help limit losses.
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