West Texas Intermediate (WTI) US Crude Oil prices struggle to gain any meaningful traction during the Asian session on Friday and remain on the defensive below the monthly top, around the $70.30 area touched the previous day.
WTI oscillates in a narrow trading band and is influenced by a combination of diverging factors. Concerns about slowing fuel demand and increasing supply act as a headwind for the commodity. Geopolitical risks remain in play and hold back bears from placing bets around the black liquid. West Texas Intermediate US Crude Oil prices struggle to gain any meaningful traction during the Asian session on Friday and remain on the defensive below the monthly top, around the $70.
+ nations to boost supply by about 1.5 million barrels per day next year, exceeding demand growth forecast of 1.1 million bpd. This turns out to be another factor capping Crude Oil prices. The downside, however, remains cushioned amid concerns about supply disruptions stemming from tighter sanctions on Russia and Iran. Furthermore, hopes that Chinese stimulus measures could lift demand in the world's top oil importer and signs of US economic resilience offer some support to the commodity.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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