WTI recovers to $83.60 in Friday’s early Asian session. The expectation that the Fed might delay rate cuts weighs on the black gold. The concern over oil supply disruptions amid renewed geopolitical tensions lifts the black gold. Western Texas Intermediate , the UScrude oilbenchmark, is trading around $83.60 on Friday.
However, WTI prices recover and hold positive ground after Treasury Secretary Janet Yellen said that US economic growth waslikelystrongerthan suggested by weaker-than-expected quarterly data. Apart from this,the concern over oil supply disruption amid the escalating geopolitical tensions boosts the black gold.Israel launched airstrikes on Rafah as the country made preparations to invade the city, per Reuters.
Source: News Formal (newsformal.com)
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