West Texas Intermediate (WTI) US crude Oil prices edge lower during the Asian session on Tuesday and erode a part of the overnight strong gains to the $80.00 neighborhood, or a nearly three-week high.
WTI meets with some supply on Tuesday amid the emergence of some USD dip-buying. Optimism over firming fuel demand and Middle East tensions should help limit losses. The overnight close above the $79.50 confluence resistance also favors bullish traders. West Texas Intermediate US crude Oil prices edge lower during the Asian session on Tuesday and erode a part of the overnight strong gains to the $80.00 neighborhood, or a nearly three-week high.
The Israeli military said on Sunday that intensified cross-border fire from Lebanon's Hezbollah movement into Israel could trigger serious escalation. Israel added further that tensions with the Iran-aligned Houthi rebels in Yemen were bringing the region close to a wider conflict. Meanwhile, Monday's mixed macro data out of China – the world’s top crude importer – warrants some caution for bullish traders.
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