The post WTI sticks to gain around mid-$81.00s, below two-month high touched on Friday appeared on BitcoinEthereumNews.com.

WTI regains positive traction on Monday and stalls its corrective slide from a two-month top. Forecasts of a peak summer fuel demand and OPEC+ cuts in the third quarter lend support. September Fed rate cut bets undermine the USD and further seem to benefit the commodity. West Texas Intermediate (WTI) US crude Oil prices attract some dip-buyers on the first day of a new week and remain well within the striking distance of a two-month peak touched on Friday. The commodity, however, seems confined in a familiar range held over the past two weeks or so and currently trades around mid-$81.00s, up over 0.50% for the day. Persistent geopolitical risks stemming from the ongoing conflicts in the Middle East and Ukrainian attacks on Russian refineries continue to fuel concerns about supply disruptions from the key Oil producing countries. Furthermore, expectations of a peak summer fuel consumption and OPEC+ cuts in the third quarter could lead to a global oil market supply deficit, which, in turn, is seen as a key factor acting as a tailwind for Crude Oil prices.  Meanwhile, the US Personal Consumption Expenditures (PCE) Price Index released on Friday confirmed the disinflationary trend and lifted bets for a September interest rate cut by the Federal Reserve (Fed). This drags the US Dollar (USD) away from a two-month peak touched on Friday and lends additional support to the commodity. That said, China’s economic woes warrant some caution for bulls and before positioning for any further gains.  Data released over the weekend showed that China’s manufacturing activity fell for a second month in June while services activity slipped to a five-month low. This suggested that the world’s second-largest economy remains fragile, which, in turn, could cap the upside for Crude Oil prices. Traders might also prefer to wait on the…

---

Filed under: News - @ July 1, 2024 4:18 am