WTI consolidates the overnight gains and oscillates in a narrow band on Friday.
Geopolitical tensions and supply distortion concerns offer support to Oil prices.
The recent USD bullish run keeps a lid on any further gains for the commodity.
West Texas Intermediate (WTI) US crude Oil prices struggle to capitalize on the previous day's strong move up and oscillate in a narrow band, around the $75.00/barrel mark during the Asian session on Friday.
The markets remained concerned about a potential Israeli attack on Iranian oil infrastructure, which keeps the geopolitical risk premium in play and acts as a tailwind for the black liquid. In fact, Israeli Defence Minister Yoav Gallant promised earlier this week that any strike against Iran would be "lethal, precise and surprising". Apart from this, worries about supply disruptions caused by Hurricane Milton in the United States (US), along with the upbeat demand outlook, further lend support to Crude Oil prices.
Investors turned optimistic that China's massive stimulus measures will ignite a lasting recovery in the world's second-largest economy and lift fuel demand in the world's largest oil importer. Moreover, the markets seem confident that further interest rate cuts by the Federal Reserve (Fed) will boost economic activity and demand for oil. That said, stronger-than-expected US inflation data sparked some doubts over how much rates will fall in the coming months, which, in turn, caps the upside for Crude Oil prices.
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