West Texas Intermediary (WTI) Crude Oil prices are on the lower side for Friday, albeit slightly as ongoing geopolitical tensions in the Gaza Strip th
Crude Oil prices are seeing a tentative step back after tipping into a 13-day high early on Friday. WTI tested back into the $88.00 handle, but plenty of bidding strength remains as markets weigh geopolitical concerns. Bidding interest remains high in Crude Oil, and downside moves will face continued upside pressure. reaten to spill over and global production continues to flub barrel demand.
It was revealed this week that the US is set to lift sanctions on Venezuelan crude oil exports in a bid to prop up woefully under-supplied global oil markets, which took WTI lower in the mid-week, but Venezuelan oil producers remain drastically below capacity, and it will take some time for Venezuelan barrels to begin eating away at undersupply. WTI Technical Outlook Crude Oil has continued a healthy rebound from October's early dip into $80.
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