WTI RISES TOWARD $76.00 AS MIDDLE EAST TENSIONS HEIGHTEN THE OIL SUPPLY CONCERNS
- WTI rebounds from an eight-week low of $74.24 recorded on Tuesday.
- Oil prices gain ground as Middle East tensions pose risks to Oil supply.
- The prices of crude Oil may receive support from the increasing odds of a Fed rate cut in September.
West Texas Intermediate (WTI) crude Oil price trades around $75.70 per barrel by the press time. WTI rebounded from an eight-week low of $74.24 recorded on Tuesday, attributed to rising geopolitical tensions in the Middle East that pose risks to Oil supply.
The Israeli government claims it killed Hezbollah's most senior commander in an airstrike on Beirut on Tuesday, in retaliation for Saturday's cross-border rocket attack on Israel. This escalation occurred despite diplomatic efforts by US and UN officials to prevent a major conflict that could inflame the wider Middle East, according to Reuters.
The Federal Reserve (Fed) is anticipated to maintain current interest rates on Wednesday. However, there is increasing speculation about a potential rate cut in September. This expectation could bolster economic activity in the United States, the world's largest consumer of crude Oil, thereby supporting the demand for the liquid Gold.
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