WTI HOLDS STEADY ABOVE $78.00 MARK AS TRADERS KEENLY AWAIT US PCE DATA... hagijeee から-フォローミートレーディングコミュニティ

28 Jul 2024, 20:46 · Views 160

A combination of factors continues to act as a tailwind for Crude Oil prices on Friday.
Worries about sluggish demand in China keep a lid on any meaningful appreciation.
Traders also seem reluctant and look to the US PCE Price Index for a fresh impetus.

West Texas Intermediate (WTI) US crude Oil prices edge higher during the Asian session on Friday and look to build on the overnight bounce from the $75.75 area, or the lowest level since June 10. The commodity currently trades just above the $78.00 mark, up over 0.10% for the day, though remains on track to register the third straight week of losses.

The stronger-than-expected US Gross Domestic Product (GDP) print released on Thursday raised hopes for increasing demand in the world's largest fuel consumer and turned out to be a key factor acting as a tailwind for Crude Oil prices. Furthermore, bets that the Federal Reserve (Fed) will begin its policy-easing cycle in September keep the US Dollar (USD) depressed below a two-week high touched on Wednesday and lend additional support to the commodity.

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