- WTI edges lower amid a modest USD strength, albeit lacks follow-through selling.
- Expectations about tightening global supply and geopolitical tensions lend support.
- Rising bets for a September rate cut by the Fed contribute to limiting the downside.
West Texas Intermediate (WTI) US crude Oil prices tick lower during the Asian session on Friday, albeit lack follow-through and remain well within the striking distance of the highest level since late April touched the previous day. The commodity currently trades around the $81.00/barrel mark and seems poised to register strong gains for the second successive week.
Data published by the Energy Information Administration (EIA) on Thursday showed a larger-than-expected drawdown in US crude stockpiles and reaffirmed expectations about a tighter market in the second half of the year. This, along with concerns that a wider Middle East conflict will lead to potential disruption to global supplies from the key producing region, continues to act as a tailwind for Crude Oil prices and validates the near-term positive outlook.
Meanwhile, investors have been pricing in a greater chance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September and the bets were further reinforced by Thursday's softer US macro data. This turns out to be another factor lending some support to Crude Oil prices, though a modest US Dollar (USD) strength, bolstered by the overnight sharp rise in the US Treasury bond yields, might cap further gains for the USD-denominated commodity
- WTI edges lower amid a modest USD strength, albeit lacks follow-through selling.
- Expectations about tightening global supply and geopolitical tensions lend support.
- Rising bets for a September rate cut by the Fed contribute to limiting the downside.
West Texas Intermediate (WTI) US crude Oil prices tick lower during the Asian session on Friday, albeit lack follow-through and remain well within the striking distance of the highest level since late April touched the previous day. The commodity currently trades around the $81.00/barrel mark and seems poised to register strong gains for the second successive week.
Data published by the Energy Information Administration (EIA) on Thursday showed a larger-than-expected drawdown in US crude stockpiles and reaffirmed expectations about a tighter market in the second half of the year. This, along with concerns that a wider Middle East conflict will lead to potential disruption to global supplies from the key producing region, continues to act as a tailwind for Crude Oil prices and validates the near-term positive outlook.
Meanwhile, investors have been pricing in a greater chance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September and the bets were further reinforced by Thursday's softer US macro data. This turns out to be another factor lending some support to Crude Oil prices, though a modest US Dollar (USD) strength, bolstered by the overnight sharp rise in the US Treasury bond yields, might cap further gains for the USD-denominated commodity
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