West Texas Intermediate (WTI), futures on NYMEX, extends its recovery to $79.00 in Monday’s European session.
WTI capitalizes on multiple tailwinds. The weak US job market fuels expectations for the Fed to reduce interest rates from September. Geopolitical risks deepen fears of tightening oil supply. West Texas Intermediate , futures on NYMEX, extends its recovery to $79.00 in Monday’s European session. The Oil price rebounds after a six-day losing spell on multiple tailwinds.
Meanwhile, geopolitical risks in the Middle East region have deepened fears of tightening oil supply. The ceasefire between Israel and Palestine is less likely, and the former is expected to extend its operation into Rafah, which is the southern part of Gaza. Apart from that, Saudi Arabia's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong demand this summer, reported Reuters.
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