• WTI is seen consolidating in a narrow range on Friday amid mixed fundamental cues.
• Concerns about slowing demand and easing geopolitical tensions act as a headwind.
• Dovish Fed expectations continue to undermine the USD and could lend some support.

West Texas Intermediate (WTI) US crude Oil prices struggle to capitalize on the previous day's bounce from the vicinity of a two-week low – levels just below mid-$71.00s – and oscillates in a narrow band during the Asian session on Friday. The commodity currently trades around the $72.75 region, nearly unchanged for the day, and remains on track to register steep weekly losses amid concerns over slowing demand. 

A downward revision of the number of jobs added by US employers this year through March resurfaced fears about a potential recession in the world's top oil-consuming nation. This comes on top of persistent worries about an economic slowdown in China – the world's top oil importer – and turns out to be a key factor acting as a headwind for the black liquid. Apart from this, hopes for a ceasefire in Gaza contribute to capping the upside for Crude Oil prices. 

In fact, US officials stated that an agreement between Israel and Hamas was close. This, in turn, eases concerns about a wider conflict in the Middle East and supply disruptions from the key Oil producing region. That said, government data released on Wednesday showed an outsize drawdown in US Crude inventories. This, along with expectations that an interest rate cut by the Federal Reserve will boost economic activity, could limit the downside for Crude Oil prices.