WTI consolidates below mid-$72.00s; seems poised to register gains for the first time in five weeks
The post WTI consolidates below mid-$72.00s; seems poised to register gains for the first time in five weeks appeared on BitcoinEthereumNews.com.
WTI struggles to capitalize on a four-day-old recovery from the YTD trough touched this week. Hopes for a solid US fuel demand and concerns over supply disruptions in Russia lend support. The mixed fundamental backdrop warrants caution before placing aggressive directional bets. West Texas Intermediate (WTI) US Crude Oil prices oscillate in a narrow trading range band during the Asian session on Friday and consolidate gains registered over the past four days. The commodity currently trades around the $72.40 region, below a one-week high touched on Thursday, and seems poised to snap a four-week losing streak. The Energy Information Administration reported on Thursday that US Crude Oil stockpiles rose, while gasoline and distillate inventories fell last week. This, along with concerns over supply disruptions in Russia, acts as a tailwind for the black liquid. In fact, hopes for a peace deal between Russia and Ukraine seem to have faded in the wake of intensifying Ukrainian drone attacks on Russian Oil pumping stations. Apart from this, the recent US Dollar (USD) slump to the lowest level since December 10, which tends to underpin the USD-denominated commodities, lends additional support to Crude Oil prices. However, worries that US President Donald Trump’s trade tariffs could weaken the global economy and dent fuel demand hold back traders from placing aggressive bullish bets and contribute to capping the black liquid. Furthermore, signs of slowing demand from the Eurozone and China warrant some caution before positioning for an extension of a modest recovery from the year-to-date low, around the $70.15 region touched earlier this week. Traders now look forward to the release of global flash PMIs, which might provide a fresh insight into the economic health and produce short-term trading opportunities around Crude Oil prices. WTI Oil FAQs WTI Oil is a type of Crude Oil…
Filed under: News - @ February 21, 2025 3:15 am