WTI prices gain momentum on the softer USD and supply concerns. Disruptions to oil refineries in Russia by recent attacks, support the upward trajectory of WTI prices. The delay of interest rate cuts by the US Federal Reserve might cap the upside of WTI prices. The US February PCE report on Friday will be the highlight of this week. Western Texas Intermediate , the US crude oil benchmark, is trading around $82.00 on Tuesday.
Analysts estimated that these disruptions affected around 12% of Russia's total oil processing capacity. Apart from this, the anticipation of interest rate cuts by the US Federal Reserve this year has lifted the black gold. Lower interest rates typically stimulate the economy, which leads to more demand for WTI prices. Market players will take more cues from the US Personal Consumption Expenditures Price Index data for February on Friday for confirmation on the timing of rate cuts.
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