West Texas Intermediary (WTI) Crude Oil prices struggle to gain any meaningful traction on Friday and oscillate in a narrow band, around mid-$82.00s t
WTI draws support from concerns about tightening global supply, though the upside remains capped. Investors seem worried that rising interest rates will hamper economic activity and dent fuel demand. Receding fears over potential supply disruptions due to the Israel-Gaza conflict acts as a headwind. hrough the Asian session. The commodity, meanwhile, manages to hold above the weekly low touched on Thursday and draw support from supply concerns in an already tight market.
Adding to this, the International Energy Agency , in its monthly oil market report, raised the global Oil demand growth forecast for 2023 to 2.3 million bpd from 2.2 million bpd previous, though downgraded it for the next year to 880K bpd from 1 million bpd. The US CPI report released on Thursday, meanwhile, revived bets for at least one more rate hike by the Federal Reserve in 2023 and triggered a sharp rise in the US Treasury bond yields.
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