WTI lacks firm intraday direction, oscillates in a range below $68.00
WTI consolidates its recent losses to a two-week low amid mixed cues.
Easing supply disruption worries and a stronger USD act as a headwind.
Traders seem reluctant ahead of OPEC meeting on Thursday and US data.
West Texas Intermediate (WTI) US Crude Oil prices struggle to gain any meaningful traction on Tuesday and oscillate in a range below the $68.00/barrel mark during the Asian session.
A ceasefire deal between Israel and the Lebanon-based Hezbollah militant group eased concerns about supply disruptions from the Middle East. This, in turn, is seen as a key factor that keeps the black liquid depressed near a two-week low touched on Monday. Furthermore, the recent US Dollar (USD) strength is seen undermining demand for USD-denominated commodities, including Crude Oil prices.
That said, the worsening Russia-Ukraine conflict keeps geopolitical risks premium in play and acts as a tailwind for the black liquid. Apart from this, expectations that the Organization of Petroleum Exporting Countries and allies (OPEC ) would further delay plans to increase production amid persistent concerns over slowing demand growth contribute to limiting the downside for Crude Oil prices.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.