West Texas Intermediate (WTI) Crude Oil prices come under some renewed selling pressure on the first day of a new week and reverse a major part of Fri
WTI kicks off the new week on a weaker note, though lacks follow-through and remains confined in a familiar range. The uncertainty over the impact of the Israel-Hamas war holds back traders from placing aggressive directional bets. Traders also prefer to wait on the sidelins ahead of this week’s key central bank event risks and important macro data. day's positive move. The commodity, however, manages to rebound from the early Asian session low and currently trades around the $84.
Investors this week will further take cues from key central bank event risks – starting with the Bank of Japan meeting on Tuesday, followed by the FOMC decision on Wednesday and the Bank of England on Thursday. Apart from this, the prelim Euro Zone GDP prints, along with the US jobs report , should provide some meaningful impetus to Crude Oil prices.
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