WTI moves back above $81.00 mark, renewed USD buying might cap any further gains
The post WTI moves back above $81.00 mark, renewed USD buying might cap any further gains appeared on BitcoinEthereumNews.com.
WTI bounces off a multi-day low touched on Monday, albeit it lacks follow-through buying. A modest USD strength acts as a headwind for the commodity amid China’s economic woes. Worries about supply disruption from the Middle East should help limit any meaningful slide. West Texas Intermediate (WTI) US crude Oil prices attract some dip-buying in the vicinity of mid-$80.00s, or a multi-day low touched during the Asian session on Monday, albeit lack bullish conviction. The commodity currently trades around the $81.30 area, up less than 0.20% for the day and remains confined in a familiar range held over the past two weeks or so. Concerns about supply disruptions stemming from the ongoing conflicts in the Middle East turn out to be another factor lending some support to Crude Oil prices. That said, the emergence of some US Dollar (USD) buying, bolstered by safe-haven demand in the wake of an assassination attempt on former US President Donald Trump, should cap any meaningful appreciating move for the black liquid. Apart from this, China’s economic woes warrant some caution for bullish traders. Market worries about waning fuel demand in China – the world’s biggest Oil importer – resurfaced after the official data showed that the economy expanded by 4.7% over the year during the second quarter of 2024. Adding to this, China’s Retail Sales and Fixed Asset Investment missed consensus estimates. This further pointed to heightened economic uncertainty and overshadowed the slightly better-than-anticipated release of Industrial Production figures for June. Meanwhile, softer US consumer inflation figures released last week reaffirmed market bets that the Federal Reserve (Fed) will begin cutting interest rates in September. This might hold back the USD bulls from placing aggressive bets and continue to act as a tailwind for Crude Oil prices. Hence, it will be prudent to wait…
Filed under: News - @ July 15, 2024 4:26 am