West Texas Intermediary (WTI) Crude Oil prices reverse a modest Asian session dip to the $85.80 area and move back closer to a one-and-half-week high
WTI touches a one-and-half-week high on Monday, albeit lacks follow-through buying. Traders now prefer to wait for fresh developments surrounding the Israel-Gaza conflict. Worries about tightening global supply should act as a tailwind and limit the downside. touched earlier this Monday. The commodity currently trades around the $86.40 region, down less than 0.
Russia is one of the world's top crude exporters and the tighter US scrutiny of its shipments could curtail global supply. Worries about tightening global supply, along with a forecast that global inventories will decline through the fourth quarter, might continue to lend some support to Crude Oil prices and favour bulls. The upside, however, seems capped in the wake of growing worries that rapidly rising borrowing costs will dampen global economic activity and dent fuel demand.
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