West Texas Intermediate (WTI) US crude Oil prices tick lower during the Asian session on Friday, albeit lack follow-through and remain well within the striking distance of the highest level since late April touched the previous day.
WTI edges lower amid a modest USD strength, albeit lacks follow-through selling. Expectations about tightening global supply and geopolitical tensions lend support. Rising bets for a September rate cut by the Fed contribute to limiting the downside. West Texas Intermediate US crude Oil prices tick lower during the Asian session on Friday, albeit lack follow-through and remain well within the striking distance of the highest level since late April touched the previous day.
This turns out to be another factor lending some support to Crude Oil prices, though a modest US Dollar strength, bolstered by the overnight sharp rise in the US Treasury bond yields, might cap further gains for the USD-denominated commodity. Nevertheless, the aforementioned fundamental backdrop seems tilted in favor of bullish traders.
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