West Texas Intermediate (WTI) Crude Oil prices attract some buyers on the last day of the week and climb to the $76.00/barrel mark during the Asian session.
WTI edges higher on Friday, though any meaningful appreciating move still seems elusive. The worsening global economic outlook and demand concerns weigh on the commodity. Easing fears of supply disruptions from the Middle East support prospects for a further fall. West Texas Intermediate Crude Oil prices attract some buyers on the last day of the week and climb to the $76.00/barrel mark during the Asian session.
Adding to this, signs of increased US and Iranian crude production indicated that oil markets may not be as tight as initially expected. This, to a larger extent, overshadows the fact that major producers Russia and Saudi Arabia pledged to maintain their supply cuts until the end of the year and do little to lend any support to Crude Oil prices, validating the negative outlook.
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