West Texas Intermediate (WTI) US crude Oil prices fail to lure buyers despite Iran's attack on Israel over the weekend and seesaws between tepid gains/minor losses during the Asian session on Monday.
WTI kicks off the new week on a subdued note and reacts little to Iran’s attack on Israel. Worries about cooling fuel demand turn out to be a key factor capping the black liquid. The risk of a further escalation of tensions in the Middle East to help limit the downside. West Texas Intermediate US crude Oil prices fail to lure buyers despite Iran's attack on Israel over the weekend and seesaws between tepid gains/minor losses during the Asian session on Monday.
This comes on top of the official US data published by the Energy Information Administration last week, which showed an unexpected build in gasoline inventories and pointed to signs of cooling in fuel demand. Furthermore, bets that the Federal Reserve may delay cutting interest rates in the wake of still-sticky inflation could hamper economic activity and dent fuel consumption.
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