WTI gains ground near 81.00, adding 0.37% on the day.
voluntary production cuts and the Middle East geopolitical tensions might lift WTI prices. Weaker economic growth in major countries might drag WTI prices lower. Western Texas Intermediate , the US crude oil benchmark, is trading around $81.00 on Monday. WTI prices edge higher amid the softerUS Dollar and the revised demand outlook from the International Energy Agency .
will extend the existing voluntary production cuts through the second quarter of 2024. The draw on stockpiles throughout 2024 might boost WTI prices. Furthermore, the uncertainties surrounding geopolitical tensions in the Middle East might increase prices further as many ships arereroutingto avoid the Red Sea, which lengthens the trip and increases costs. On the other hand, weaker economic growth in major countries might lead to less oil demand and drag WTI prices lower.
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