WTI hangs near multi-week low, seems vulnerable below mid-$75.00s

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• WTI is seen consolidating its recent downfall to the lowest level since July 20 touched on Wednesday.
• Easing worries about supply disruptions in the Middle East and demand concerns continue to weigh.
• The fundamental backdrop supports prospects for an extension of a three-week-old descending trend.

West Texas Intermediate (WTI) Crude Oil prices struggle to register any meaningful recovery on Thursday and remain on the defensive for the third straight day. The commodity currently trades around the $75.45 area, down nearly 0.15% for the day and just above its lowest level since July 20 touched on Wednesday.