WTI drifts lower for the third straight day amid hopes for a ceasefire in Gaza. Expectations for tightening global supply should help limit any further losses. The fundamental backdrop warrants caution for aggressive bearish traders. West Texas Intermediate US Crude Oil prices remain under some selling pressure for the third successive day on Friday and trades near the weekly low, around the $80.30 region during the Asian session.
Ukrainian drone strikes on Russian oil refineries could lead to lower fuel production by the latter. This comes on top of the OPEC+ members' decision to extend the production cuts of 2.2 million barrels per day through the second quarter and the International Energy Agency's upward revision of the 2024 oil demand growth. Furthermore, a stronger US economy and a potential recovery in China add to expectations of tighter supplies.
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