WTI drops over 3% amid risk-on sentiment prevailing, as geopolitical jitters fade

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• WTI trades at $82.49 per barrel, down 3.16%, as traders dismiss fears of Middle East conflict escalation.
• Prices fail to break 50-day moving average at $86.38 despite ongoing Israeli offensive in Gaza.
• Upcoming US Federal Reserve meeting, Apple’s earnings, and China’s PMI data to influence oil prices.

West Texas Intermediate (WTI) dropped more than 3% amid the North American session amid a risk-on impulse, with traders shrugging off fears the Middle East conflict would escalate further. That, alongside the looming US Federal Reserve monetary policy meeting, boosted the Greenback, as WTI exchanges hands at $82.49 per barrel, down 3.16%.