West Texas Intermediate (WTI) US crude Oil prices attract fresh buyers during the Asian session on Wednesday and reverse a part of the previous day's retracement slide from the $81.65 area, or a nearly two-month top.
WTI regains positive traction on Wednesday amid concerns about supply disruption. Demand uncertainty might cap any meaningful upside amid a modest USD strength. The official US inventory data to provide some impetus ahead of the US PCE on Friday. West Texas Intermediate US crude Oil prices attract fresh buyers during the Asian session on Wednesday and reverse a part of the previous day's retracement slide from the $81.65 area, or a nearly two-month top.
Moreover, a jump in US gasoline stocks last week suggested a weak start to the summer driving season. Meanwhile, a fall in the US Consumer Confidence in June added to worries about the economic outlook. This, along with a modest US Dollar strength, bolstered by the recent hawkish remarks by influential FOMC members and uncertainty about the likely timing of when the Federal Reserve will start cutting rates, might contribute to capping Oil prices.
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