West Texas Intermediate (WTI) US Crude Oil prices come under some selling pressure and remain depressed through the first half of the European session on Wednesday.
WTI trades with a mild negative bias on Wednesday, albeit lacks follow-through selling. A combination of diverging forces is holding back traders from placing directional bets. Investors now look to the official US Oil inventory data for short-term trading impetus. West Texas Intermediate US Crude Oil prices come under some selling pressure and remain depressed through the first half of the European session on Wednesday.
Furthermore, the stronger-than-expected US inflation data fuelled speculations that the Federal Reserve may delay interest rate cuts in the near term, which could hamper economic activity and dent Oil demand. This, in turn, is seen as a key factor exerting downward pressure on Crude Oil prices and warrants caution for bulls. Looking at the broader picture, the black liquid has been oscillating in a familiar range over the past month or so.
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