WTI rose more than 0.70% on Friday, near $88.00, but indicators on the daily chart started to flash exhaustion signals.
Tighter supply acts as a tailwind for Oil prices.
Global weakening demand may cap gains.
On Friday, the West Texas Intermediate (WTI) advanced near $88.00 and settled below $87.00, still poised for a 2% weekly gain. That said, the daily chart continues to show overbought conditions, suggesting that a downward technical correction may be on the horizon.
On the upside, Saudi Arabia and Russia will extend voluntary supply cuts for the rest of the year and boosted Oil prices during the week. Moreover, the demand from the world's biggest consumer, the US, remains resilient, as shown in the last set of data, which could also favour the price.
Additionally, China and the Euro area report soft economic data and lower demand will limit WTI’s upside. In addition, a stronger USD, whose DXY rose to multi-month highs this week on the back of hawkish bets on the Federal Reserve (Fed), will also present challenges to the black gold’s upside in the next sessions. Lastly, Rising oil output from Iran and Venezuela may add selling pressure.
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