West Texas Intermediary (WTI) Crude Oil prices catches aggressive bids on the first day of a new week and recover a part of last week's heavy losses t
WTI Crude Oil prices kick off the new week on a strong note, albeit lack follow-through. Escalating geopolitical tensions in the Middle East provide a strong lift to the commodity. Resurgent US Dollar demand keeps a lid on any further appreciation for the black liquid. o over a one-month low, around the $80.65 region touched on Friday. The black gold, however, trims a part of its strong intraday gains and retreats to the $84.
The hawkish outlook remains supportive of elevated US Treasury bond yields, which, along with the global risk-aversion trade, benefits the safe-haven buck. This, along with concerns that economic headwinds stemming from higher interest rates in the United States will dent fuel demand, further contributes to capping the upside for Crude Oil prices.
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