WTI loses traction above $82.40 amid the fear of oil supply disruptions, high rates

Share:

• WTI prices loses momentum amid Middle East geopolitical tensions.
• World Bank predicted global oil prices to average $90 per barrel this quarter.
• Concerns about more rate hikes from the Federal Reserve (Fed) might weigh on WTI prices.
• Oil traders will closely watch the Fed rate decision on Wednesday.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.40 so far on Tuesday. A decline in WTI prices is supported by the escalating tension in the Middle East, which triggered the fear of potential oil supply disruptions.