West Texas Intermediate (WTI) US crude Oil prices struggle to build on the overnight bounce from the 50-day Simple Moving Average (SMA) support near the $80.75 area and oscillate in a range during the Asian session on Wednesday.
WTI consolidates in a narrow range and is influenced by a combination of diverging forces. Easing geopolitical risks acts as a headwind, though improving demand outlook lends support. Traders look to US Durable Goods Orders and the official US inventory data for a fresh impetus. West Texas Intermediate US crude Oil prices struggle to build on the overnight bounce from the 50-day Simple Moving Average support near the $80.75 area and oscillate in a range during the Asian session on Wednesday.
2 million barrels during the week to April 19 and added to the optimism over improving demand. Meanwhile, the US Dollar languishes near its lowest level in over a week in the wake of Tuesday's disappointing US PMI prints for April and further seems to lend support to the commodity.
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