West Texas Intermediate (WTI) US Crude Oil futures fell on Monday after headlines of a possible ceasefire in the ongoing conflict between Israel and Palestinian Hamas.
WTI softened further, extended backslide to $78 per barrel. Ceasefire talks drag down Crude Oil bets. US Crude Oil production remains thorn in barrel market’s side. West Texas Intermediate US Crude Oil futures fell on Monday after headlines of a possible ceasefire in the ongoing conflict between Israel and Palestinian Hamas. Crude Oil markets will also be keeping an eye out for weekly production updates from the US as output threatens to outpace demand.
US Crude Oil production has edged into higher territory in recent weeks, and supply is slowly beginning to outstrip demand. With week-on-week barrel counts slowly building out inventories beyond what demand is able to sop up, energy markets will be looking for a pull down in US production figures. WTI technical outlook WTI US Crude Oil is seeing market churn near $78.
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