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Why Is WTI Crude Oil Rising Above $67? Geopolitical Tensions Fuel Market Volatility
WTI crude futures gained traction in early Asian trading Thursday,100 USDT to INR testing the $67.20 resistance level as geopolitical risks returned to focus.
Fresh military operations in Gaza combined with ongoing Red Sea shipping disruptions provided tailwinds for energy markets.
Counterbalancing these bullish factors, US crude inventories posted a larger-than-expected build while the Federal Reserve maintained restrictive monetary policy.
The West Texas Intermediate benchmark demonstrated resilience during Thursday's trading session, with prices finding support above the $67 handle. Market participants attributed the upward movement to escalating tensions in the Middle East following Israel's expansion of ground operations in Gaza.
Energy analysts noted that the conflict's second-order effects continue disrupting global trade flows. "The Red Sea shipping crisis has effectively tightened physical market conditions by forcing longer transportation routes," explained a senior commodities strategist at a major investment bank. "This creates artificial supply constraints that aren't reflected in inventory data."
The US Energy Information Administration's weekly petroleum status report revealed a 1.745 million barrel increase in commercial crude stocks, exceeding both analyst expectations and the prior week's build. This bearish fundamental data temporarily limited price gains before geopolitical concerns resurfaced.
Monetary policy considerations added another layer of complexity to the market outlook. While the Federal Reserve held rates steady as anticipated, policymakers signaled potential rate cuts later in 2024. "The central bank's cautious stance creates uncertainty about future energy demand," noted a market commentator. "Traders are weighing near-term supply risks against potential macroeconomic headwinds."
Technical analysts observed that WTI continues trading within its recent range between $65 and $70, with neither bulls nor bears establishing clear dominance. The commodity's sensitivity to both geopolitical developments and macroeconomic indicators suggests continued volatility in coming sessions.
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