WTI OSCILLATES IN A RANGE AROUND $78.00, BULLS AWAIT A MOVE BEYOND 200-DAY SMA
- WTI is seen consolidating the overnight strong gains amid mixed fundamental cues.
- Middle East tensions act as a tailwind, though renewed USD buying caps the upside.
- The fundamental backdrop favors bulls and should lend support to the black liquid.
West Texas Intermediate (WTI) US crude Oil prices struggle to capitalize on the previous day's strong move up and oscillate in a narrow range through the early European session on Thursday. The commodity currently trades around the $78.00 mark, with bulls awaiting a sustained strength beyond the 200-day Simple Moving Average (SMA) before positioning for any further gains.
Against the backdrop of Israel's retaliation against Iran-backed Lebanese group Hezbollah, the killing of Hamas leader Ismail Haniyeh in Tehran keeps the risk of a broader Middle East conflict in play. This, in turn, raises worries about supply disruptions from the key Oil producing region, which, along with data showing US inventories shrank more than expected for a fifth week in a row, acts as a tailwind for the black liquid.
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