West Texas Intermediate (WTI) Crude Oil prices struggle to gain any meaning on the first day of a new week and oscillate in a narrow trading band around the $80.
WTI seesaws between tepid gains/minor losses just above a two-month low touched on Friday. Easing fears of supply disruptions from the Middle East and a modest USD strength cap the upside. The risk of a further escalation in the Israel-Hamas conflict and tight global supply lend some support. 70-$80.75 region during the Asian session.
Adding to this, Hezbollah leader Sayyed Hassan Nasrallah warned on Friday that a wider conflict in the Middle East was possible and that the fighting on the Lebanese front could turn into a full-fledged war. Moreover, reports suggested that Russia’s Wagner mercenary group planned to provide Hezbollah with air defence systems. This, along with China's economic woes, keeps traders on the edge and caps the upside for Oil prices.
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