WTI edges lower on Friday and erodes a part of the previous day’s positive move.
China’s economic woes and an unexpected build in US inventories exert pressure.
Middle East tensions and hopes of improving demand should limit deeper losses.
West Texas Intermediate (WTI) US crude Oil prices struggle to capitalize on the overnight bounce from the vicinity of the weekly low and trade with a mild negative bias during the Asian session on Friday. The commodity currently hovers around the $76.70 area, down 0.25% for the day, though it remains on track to register modest gains for the second straight week.
The risk of supply disruption remains elevated in the wake of escalating tensions in the Middle East. Furthermore, the upbeat US macro data released on Thursday eased fears about a downturn in the world's largest economy. This, along with hopes that rate cuts by the Federal Reserve (Fed) will boost economic activity and push up fuel consumption, might continue to lend some support to Crude Oil prices.
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