WTI crude oil floats above $80.00 as US Dollar rebound jostles with supply crunch fears

Share:

• WTI remains sidelined inside a four-day-old trading range, retreats of late.
• Fears emanating from OPEC+ supply cuts, geopolitical fears underpin Oil price strength.
• US Dollar traces recently firmer odds of Fed’s 0.25% rate hike in May after upbeat US NFP.
• Risk catalysts, US inflation and Fed Minutes eyed for clear directions.

WTI crude oil buyers struggle to keep the reins around $80.70 during early Monday as risk-aversion joins hawkish Fed bets to underpin the US Dollar rebound. However, challenges to Oil supplies, mainly emanating from China and OPEC+, seem to keep the black gold buyers hopeful.