Commodities
Home›Commodities›Energy›WTI eases toward $82 as traders weigh US-Iran developm…
WTI eases toward $82 as traders weigh US-Iran developments
WTI was trading around $82, while traders monitored US supply signals, awaiting the API weekly crude oil report later Tuesday.
West Texas Intermediate, the US crude benchmark, was trading around $82 during early European hours on Tuesday, down from recent strength but still near multi week highs as traders digested developments tied to US-Iran tensions, FXStreet reported.
FXStreet noted that US airstrikes on Iran had entered their tenth consecutive day after three US service members were killed. Iran’s Islamic Revolutionary Guards Corps said it struck US military targets, while Iran’s military cited impacts at outposts in Bahrain and Kuwait.
The report also pointed to a regional escalation, with Yemen’s Iran-backed Houthi rebels declaring a maritime embargo on Saudi Arabia. FXStreet said traders are watching for signs that oil supply disruption fears could support WTI in the near term.
In the near term, traders were set to look to fundamentals as they awaited the American Petroleum Institute weekly crude oil report due later Tuesday. FXStreet said a larger-than-expected inventory draw could lift WTI, while a bigger-than-estimated build could weigh on the price.
Latest closeWTI crude $79.00 ▼0.8%