The post WTI recovers further from YTD low and climbs to $71.25 area; lacks bullish conviction appeared on BitcoinEthereumNews.com.

WTI scales higher for the second straight day amid worries that Iran’s oil supply could be disrupted. Concerns that Trump’s trade tariffs will hamper global growth and temper fuel demand cap gains. A modest USD strength further contributes to keeping a lid on the upside for Crude Oil prices. West Texas Intermediate (WTI) US Crude Oil prices gain some positive traction for the second successive day on Monday and move away from the lowest level since December 30, around the $70.30-$70.25 area touched last week. The commodity currently trades around the $71.25 region, up over 0.60% for the day, though it lacks bullish conviction amid mixed fundamental cues. US President Donald Trump’s administration issued a fresh round of sanctions targeting several individuals and vessels involved in the sale and transportation of Iranian crude to China. Adding to this, Trump said that he would return to a maximum-pressure approach to Iran and seek to reduce Iranian oil exports to zero. This, in turn, fuels concern that Iran’s oil supply could be disrupted and acts as a tailwind for the black liquid.  That said, worries that Trump’s trade tariffs could dampen global economic growth and dent energy demand keep a lid on any gains for Crude Oil prices. In fact, Trump threatened on Sunday he would announce additional 25% tariffs on all steel and aluminum imports into the US, and will also announce reciprocal duties over what he sees as unfair trading practices. This comes on top of the escalating US-China trade war and warrants caution for bulls.  Apart from this, a modest US Dollar (USD) strength, bolstered by expectations that Trump’s protectionist policies would boost inflation and limit the scope for the Federal Reserve (Fed) to ease further, might contribute to capping Crude Oil prices. Hence, it will be prudent to…

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Filed under: News - @ February 10, 2025 3:22 am