West Texas Intermediate (WTI), the U.S. crude benchmark, was trading around $67.90 on Tuesday.
WTI prices recovered amid rising geopolitical tensions in the Middle East following the fall of Syrian President Bashar al-Assad.
Over the weekend, Syrian President Bashar al-Assad and his family fled to Moscow and were granted political asylum, ending 50 years of brutal dictatorship.
The fall of the Syrian leader's regime could lead to a conflict involving regional countries, boosting WTI prices.
Mitsubishi UFJ Research's Tomochi Akuta noted that these geopolitical risks are driving crude prices but cautioned that recent price cuts by Saudi Arabia and extended OPEC+ production curbs underscore weak demand fundamentals, especially from China.
Additionally, the black gold may be supported by rising expectations that China will announce further stimulus measures and will unveil its first "moderately loose" monetary policy shift since 2010. "Monetary policy easing in China is likely to be a driver of higher oil prices, supporting risk sentiment," said UBS analyst Giovanni Staunovo.
On the other hand, the Federal Reserve (Fed) is likely to deliver another interest rate cut on December 18. However, US economic data will force the Fed's rate outlook to become more aggressive.
Source: FXStreet
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