West Texas Intermediate (WTI) Crude Oil prices struggle to capitalize on the previous day's goodish rebound from sub-$82.00 levels, or a near two-week
WTI is seen consolidating the previous day’s goodish recovery gains from a nearly two-week trough. The Israel-Gaza conflict continues to fuel concerns about supply disruptions and lend some support. Looming recession risks and stronger USD cap gains for the commodity ahead of the US Q3 GDP. low and oscillates in a narrow trading band through the Asian session on Thursday. The commodity currently trades around the $85.
1 million barrels in the week to October 20, well above consensus estimates. This pointed to some cooling of fuel demand in the US. The aforementioned mixed fundamental backdrop is holding back traders from placing aggressive directional bets around Crude Oil prices and leading to subdued rage-bound price action. Investors also prefer to wait on the sidelines ahead of the Advance US Q3 GDP print, due later during the early North American session.
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