WTI trades with modest losses around $82.00 mark, downside potential seems limited

WTI retreats from a fresh YTD peak touched on Tuesday, though the downside seems limited. The prospects of rising supply from Russia prompt some profit-taking after the recent run-up. Concerns about tightening global supply should act as a tailwind and help limit deeper losses. West Texas Intermediate US Crude Oil prices edge lower during the Asian session on Tuesday and revers a part of the previous day's strong gains to the $82.45 area, or the highest level since early November.

Apart from this, sustained US Dollar buying, bolstered by bets that the Federal Reserve will stick to its higher-for-longer interest rates narrative to bring down inflation, exerts downward pressure on the commodity. Furthermore, growing concerns about a global economic slowdown, which could dent fuel demand, turn out to be another factor weighing on Crude Oil prices.

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