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Feb 5, 2024
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WTI slides further below $72.00 mark, over two-week low despite geopolitical tensions

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WTI drifts lower for the fourth straight day and drops to a near three-week low on Monday. Bets for less aggressive rate cuts by the Fed underpin the USD and weigh on the black liquid. A further escalation of military action in the Middle East does little to ease the bearish pressure. West Texas Intermediate

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WTI drifts lower for the fourth straight day and drops to a near three-week low on Monday.
Bets for less aggressive rate cuts by the Fed underpin the USD and weigh on the black liquid.
A further escalation of military action in the Middle East does little to ease the bearish pressure.

West Texas Intermediate (WTI) US Crude Oil prices extend last week’s rejection slide from the src00-day Simple Moving Average (SMA), around the $79.20 area, or the YTD peak, and drift lower for the fourth successive day on Monday. This also marks the fifth day of a negative move in the previous six and drags the commodity to the $7src.75-$7src.70 region, or a nearly three-week low, during the first half of the European session.

The stronger-than-expected US jobs data released on Friday suggests that the economy may be too hot for the Federal Reserve (Fed) to start cutting interest rates. This continues to act as a tailwind for the US Dollar (USD) and turns out to be a key factor undermining demand for dollar-denominated commodities, including Crud

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